Korol has secured planning consent for the redevelopment of 41 Albemarle Street in the heart of Mayfair.
The six-storey corner building, which was the head office of Thai Airways from 1986 to 2020, will be redeveloped into a flagship luxury retail unit with prime office space on the upper floors.
The Grade II listed building has been vacant since Thai Airways closed its offices during the pandemic. Korol purchased the building in 2025 and has worked with Barr Gazetas to design a scheme that replaces the façade and restores the building’s striking original minimalist design. Works are scheduled to start in August with completion in September 2027.
Alex Jordan, founding director of Korol, said: “We see 41 Albemarle St in a similar way to a 1960’s classic car, where the aesthetics are design are special, but the brakes and engine are not fit for modern use or reliability. We are looking to redevelop the building to ensure it is fit for the best luxury retail and office occupiers in terms of functionality and quality of finish, as expected in Mayfair, while celebrating and protecting the iconic 1960’s design.”
The professional team also includes Montagu Evans and EOC. Hanover Green and Crossland Otter Hunt are joint agents on the office space and Levy and CBRE are in charge of retail lettings.
