The Crown Estate has revealed plans to transform three sites in St James’s.
The £400 million project will create around 300,000 sq ft of mixed use accommodation, including 200,000 sq ft of office space in the West End.
The Crown Estate has announced proposals to spend around £400 million redeveloping three separate sites in the St James’s area.
The scheme, known as St James’s Market, will create around 300,000 sq ft of mixed use accommodation, including 200,000 sq ft of office space on Regent Street and Haymarket. The proposals also include plans to create a 10,000 sq ft pedestrian square with public art and to revitalise a 24,000 sq ft public area.
As part of the Make Architects-influenced scheme, the block at 52-56 Haymarket would be replaced, while the block at 14-20 Regent Street would be redeveloped behind new and existing facades. The scheme would transform Norris Street, St Albans Street and Carlton Street and would create a wealth of new restaurants, shops and homes in a prestigious area.
A public consultation on the proposals began last week, with a planning application due to submitted to Westminster City Council by the summer. If approved, the Crown Estate hopes to begin work next autumn with an aim to complete the scheme by 2016.
The proposals mark the second half of the Crown Estate’s £500 million redevelopment of the St James’s area. During the 10 year plan, the Crown Estate hopes to double the amount of top end residential property in the area and create a retail centre that keeps with the history of St James’s. The property group, which is responsible for generating income for the Queen, has already spent around £200 million buying leases in the area where it already has a property portfolio thought to be worth around £1 billion.
Commenting on the new St James’ Market proposals, The Crown Estate’s Alastair Smart said: “The regeneration of St James’s Market is an opportunity to revive a neglected location at the heart of London, bringing it back into line with historic St James’s for the benefit of 21st century businesses, local residents and visitors alike.
“Our long term vision for the area will protect St James’s distinct niche in the West End office market, enhance its position as a stimulating and eclectic shopping and dining destination, create new homes, improve the public realm and above all, protect St James’s celebrated heritage.”