It has been described as “the most ambitious redevelopment in St James’s in the last century” and as representing “a major tipping point” in the regeneration of the area. Now, a joint venture has been formed to ensure that the St James’s Market development in Westminster will go ahead.
The Crown Estate has partnered with Oxford Properties to develop the site, which will bring 210,000 sq ft of new office space to the area between Regent Street and Haymarket. Each partner will take a fifty per cent stake in the £320m development.
Make Architects have designed the project, which will see the office block at 52-56 Haymarket replaced, while the properties at 14-20 Regent Street will be redeveloped behind a combination of retained and new facades. The complete development will also include a new pedestrianised public area and 50,000 sq ft of retail space.
The new Haymarket building has been designed in sympathy with the surrounding 1930s architecture, having a stone façade and making use of high quality detailing.
Meanwhile, the Regent Street office block will retain its original façade facing out onto Regent Street, while the St Alban’s Street façade will be replaced with a contemporary design to provide a focal point for the new public space.
The site is due for completion in 2016 and will form part of a larger £500m regeneration of the St James’s area by the Crown Estate, which owns almost half of the properties in the area. In keeping with St James’s traditional, heritage character, the Crown Estate is aiming to refine rather than dramatically alter the existing area.
Paul Clark, Director of Investment and Asset Management for The Crown Estate, has described St James’s Market as “the most ambitious redevelopment in St James’s in the last century” and as representing “a major tipping point” for the regeneration of the area.
Indeed, due to the high concentration of Grade I and Grade II listed buildings in the St James’s area, ambitious redevelopment projects for the area are rare, making the St James’s Market development a particularly important step.
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(Image by Merchbow via Wikimedia Commons.)