By Max Clarke
The Crown Estate, the company that manges the Queen’s property, has today unveiled a £500 million redevelopment of some of London’s most exclusive properties.
“Our plans for St James’s demonstrate our ongoing commitment to investing in our core specialist areas of activity, in central London, prime retail outside of London, and in offshore renewable energy,” said Paul Clark, director of investment and asset management at The Crown Estate .
The company owns around 50% of St James’- the area covering Pall Mall, St James’s streel and Piccadilly-, which is home to some of London’s most iconic boutiques.
“St James’s is part of the core of our central London holdings and our investment in there will be guided by the core values of commercialism, integrity and stewardship,” commented James Cooksey, head of St James’s portfolio at The Crown Estate.
“Our strategic position and historic ownership provide us with an important understanding of the area’s remarkable architectural richness, concentration of listed buildings and distinct residential character, which will be key to successful and sensitive delivery of this ambitious programme.”
Over the next 10 years our £1 billion St James’s holdings will be targeted for investment that will:
• deliver over 500,000 ft² of newly developed and refurbished modern offices, promoting St James’s as a successful and distinct sector of the West End office market
• enhance St James’s position as a stimulating and eclectic shopping and dining destination by introducing new high quality occupiers
• increase the provision of high-end residential accommodation in St James’s
• significantly improve the area’s public realm by introducing new crossings, wider footways and reduced street clutter, redressing the balance between pedestrians and vehicles
• respect St James’s celebrated heritage with development schemes that deliver architectural excellence.