The Crown Estate Announces £400m St James’s Market Development
March 18, 2012
Proposals are launched for a £400 million redevelopment of three sites in St James’s to deliver nearly 28,000 m2 (300,000 ft2) of mixed use accommodation.
The lead scheme, known as St James’s Market, is a commercial redevelopment of two blocks to create 18,600 m2 (200,000 ft2) of office and 4,200 m2 (45,000 ft2) of retail, restaurant and leisure accommodation, located between Haymarket and Regent Street; world-class 21st century architecture and preserved historic facades, together with a transformational public realm improvement, will bring the area back into line with the quality of historic St James’s.
St James’s Market, a scheme by Make Architects, is a redevelopment of 14-20 Regent Street and 52-56 Haymarket. The Haymarket block would be replaced, whilst the Regent Street block would be redeveloped behind both retained and new façades. A new place for living, working and visiting is created with the revitalisation of a 2,200 m2 (24,000 ft2) public area and the creation of a 930 m2 (10,000 ft2) pedestrian square with public art.
The proposals mark the next stage of our £500 million investment programme for St James’s where we own a £1 billion, 370,000 m2 (4 million ft2) 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 of Investment 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.”
The scheme takes its name from the now lost area of St James’s Market, which between the 17th and 19th centuries offered a spacious street of inns, entertainment, and a busy hay and straw market, attended by 1,300 hay and straw carts a month. In the early 19th century when John Nash redeveloped Regent Street this historic area was lost.
Commenting on the proposals, Alastair Smart, Head of Development, 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 our strategy to increase the provision of residential accommodation in St James’s, will create new homes totalling 3,700 m2 (40,000 ft2), ranging from one bedroom apartments to a four bedroom family home.
We consulted the local community this week 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.
Davis Coffer Lyons is exclusively advising The Crown Estate on its A3 restaurant and leisure accomodation.