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.
“Regent Street’s £750m regeneration programme continues to build on its success. We are pleased to be making a dramatic contribution to a flourishing West End with over 50 new retailers open, and over 300 new office businesses established since 2002,” says David Shaw, head of the portfolio for Regent Street at The Crown Estate.
The Crown Estate is also developing three residential sites, aiming to provide affordable yet high quality family homes in Westminster.
It’s great news to hear of new developments, given the recent boom in the office space sector in London, making it the most popular city in Europe for commercial property. Following the recession there were very few new office developments, and there is a shortage in the capital. Developments like this will help ensure the future of office space in London, and the rest of the UK.