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The Crown Estate, the royal family’s commercial property arm, confirmed that it will pursue the development of a mixed retail and office block in St James’s, reported The Guardian.
This comes after £100 million West End development had been put on review following the Brexit vote.
“We’re committed to re-establishing St James’s as a world-class business and lifestyle destination,” said James Cooksey, director of central London at the Crown Estate.
“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.”
To be delivered by Skanska, the project is part of a £500 million investment programme within the area and is expected to be completed in 2019.
Earlier this year, the property empire completed the £400 million redevelopment of St James’s Market with Oxford Properties – creating seven restaurants, five shops and 260,000 sq ft of office space.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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