Crown Estate to redevelop St James’s.
Property developers to commence 10 year redevelopment of London area.
Crown Estate has announced it is planning a £500 million of St James’s in London. This follows the completion of their 10 year modernisation of Regent Street. The company manages properties that are owned by the Queen and has previously worked on several regenerations in the UK capital.
The ambitious new plans aim to redevelop some of London’s most iconic addresses and locations including Haymarket, Pall Mall and St James’s Square. Over the next decade Crown Estate wants to double the amount of high quality residential space in St James’s.
The firm aims to achieve this through the introduction of new brands and over 600,000 square feet of new a refurbished office space.
“The Crown Estate is ideally placed to work with the local community, landowners, businesses and political authorities, to deliver dramatic and lasting improvements in the area but importantly, to protect and enhance what makes it a cherished part of the West End, its unique history, heritage and architecture,” commented head of Crown Estate’s portfolio James Cooksey.
Currently the are houses companies such as BP, several retail outlets and The Ritz hotel. The regeneration would see new companies move into the area and revamp the economy there. Crown Estate have spent £150 million over the past 18 months acquiring property in the area.