The Crown Estate revives £100 million West End revamp

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The Crown Estate has revealed it will resurrect £100 million plans, frozen in the aftermath of the Brexit vote, to revamp a tired West End block into offices and shops. 

The firm, which runs the Queen’s land and property empire, said construction giant Skanska will create 46,000 square feet of offices, shops and restaurants space at Duke’s Court, on the corner of Duke Street St James’s and Jermyn Street.

Six luxury flats will also be constructed nearby on Bury Street, the company said. 

James Cooksey, director of central London at The Crown Estate, said: “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.”

The decision signals confidence in the capital’s property market after Britain’s vote to the leave the EU cast a shadow over the future of millions of square feet of new development planned in the capital.

Just days after the referendum, The Crown Estate said it would pause and “review” whether to start construction on the Duke’s Court scheme.

The new building will complete in spring 2019, and is the latest in a £500m string of redevelopments that The Crown Estate has undertaken in and around St James’s.

Source Article from http://www.standard.co.uk/business/the-crown-estate-revives-100-million-west-end-revamp-a3425696.html

December 22, 2016 |
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