Morgan Capital Partners, acting for a private investor, has acquired a development property in Mayfair, London from LaSalle Investment Management. The financial details were not disclosed.

The property located at 8-10 Hanover Street has planning consent for 2,322 m2 of offices, 152 m2 of retail space and six luxury apartments. Morgan Capital Partners intends to commence development in September with completion set for the third quarter of 2013.

LaSalle brought the property to the market in June with a guide price of in excess of £25 mln (EUR 29 mln). The property attracted strong interest from investors due to the current supply shortages in the core West End market.

'The sale of this asset is the culmination of a process of site acquisition, planning, design and construction development which has resulted in superior returns for our pension fund client,' said Richard Maple from LaSalle Investment Management.

Alex Morgan, partner at Morgan Capital Partners commented: 'This is a fantastic opportunity to deliver Grade A accommodation into the market at a time when supply in Mayfair will be subdued and in a core location that is going through a transformational change.'

Jones Lang LaSalle advised LaSalle Investment Management.