Parts of Regent Street may be sold to investors if plans by the monarchy’s property manager, known as the Crown Estate, are fulfilled.
The monarchy’s real estate was handed over to the government in exchange for substantial yearly payments in 1760. Since then the buildings have been the freehold property of the Crown Estate, which manages the sites and their tenants. (more…)
Stefan Persson, Swedish billionaire and owner of H&M, has bought retail and office space in the prime of London’s Regent Street for £225million.
It has been reported that the billionaire agreed upon the purchase late last week and that the property already comes with high-class tenants, such as Banana Republic, H&M and Armani Exchange.
It seems that some believe that this sale marks a sudden surge of demand for London office space and highlights an increased amount of consumer spending.
Planning applications for the £200 million redevelopment of part of Regent Street have been submitted by The Crown Estate. Two blocks on the west side of Regent Street, between Piccadilly Circus and Oxford Circus, known as W4 and W5 (south) will create around 300,000 sq ft of office and retail space.
The Crown Estate took ownership of the two blocks after an exchange in properties in 2007. They took the blocks from Pollen Estates in exchange for four blocks in Savile Road. (more…)