The Crown Estate to develop mixed retail and office block in St James’s,London
The Crown Estate, the royal family’s commercial property arm, confirmed that it would begin the redevelopment of Duke’s Court, a mixed retail and office block on the corner of Duke Street St James’s and Jermyn Street in St James’s.
The plans, which have been designed by John McAslan and Partners and will be delivered by Skanska, form part of our wider £500m investment programme in St James’s.
The scheme will create 35,000 sq ft of new modern office accommodation, from the first to sixth floor, and 11,000 sq ft of flagship retail and restaurant space at ground and basement levels. As part of the same project, six new apartments are proposed at 33 Bury Street, restoring the upper floors of the building to their original residential use.
James Cooksey, Director of Central London at The Crown Estate said: “We’re committed to re-establishing St James’s as world-class business and lifestyle destination. Such an investment reflects our belief in the fundamentals of London’s West End, notwithstanding the near term market outlook, and its continued performance over the long term through creating fantastic buildings that stand the test of time.”
Such an investment reflects our belief in the fundamentals of London’s West End, notwithstanding the near term market outlook, and its continued performance over the long term through creating fantastic buildings that stand the test of time.”
James Cooksey, Director of Central London, The Crown Estate Steve Holbrook, Managing Director of Skanska, said: “We’re delighted to have secured this mixed-use development in London. We have worked closely with members of The Crown Estate’s delivery team to develop a cost-effective solution and look forward to working with The Crown Estate. This is our third contract win in the West End this year.”
The Crown Estate’s investment in St James’s, where we own around half the buildings in the area, is guided by a clear strategy, which aims to enhance and refine the area sensitively, carefully and for the long term. This autumn we completed our most ambitious development to date, the landmark £400m St James’s Market redevelopment with Oxford Properties. This has created 260,000 sq ft of office space, seven new restaurants and five flagship stores.
Our on-going investment continues to improve the cohesion of the holdings as well as protect St James’s future as a distinct niche in the West End office market and as a world renowned destination for shops and restaurants. It builds upon the area’s residential character, including improving the public realm by redressing the balance between pedestrians and motorists.
Duke’s Court is set to complete in spring 2019.
Source: The Crown Estate