The Crown Estate today launched plans for a £400 million redevelopment of three sites in St James’ to deliver nearly 300,000 sq ft of mixed use accommodation.
The lead scheme, known as St James’s Market, is a commercial redevelopment of two blocks to create 200,000 sq ft of office and 45,000 sq ft of retail, restaurant and leisure accommodation, located between Haymarket and Regent Street.
St James’s Market, a scheme by Make Architects, is a redevelopment of 14-20 Regent Street and 52-56 Haymarket.
The Haymarket block will be replaced, while the Regent Street block will be redeveloped behind both retained and new façades.
A 24,000 sq ft public area would be revitalised and a new 10,000 sq ft pedestrian square with public art created.
The proposals mark the next stage of The Crown Estate’s £500 million investment programme for St James’s where it owns a £1 billion, 4 million sq ft property portfolio, comprising nearly 50 per cent of the buildings there.
This investment programme is guided by The St James’s Strategies, launched in 2011.
Paul Clark, director Investment at the Crown Estate said: “This is a major step forward for our £500 million St James’s regeneration programme and another good example of us investing in our core sectors where we enjoy a competitive advantage, critical mass and high levels of expertise.”
Alastair Smart, head of development at the Crown Estate 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.”
The St James’s Market proposals also include two associated development schemes which, in line with the Crown Estate’s strategy to increase the provision of residential accommodation in St James’s, will create new homes totalling 40,000 sq ft, ranging from one bedroom apartments to a four bedroom family home.
The Crown Estate this week consulted the local community on the proposals ahead of submitting formal planning application to Westminster City Council during the summer.
Proposals for the three sites have been developed by Make Architects, Tate Hindle, and Paul Davis & Partners. CBRE has provided planning advice.