Crown Estate plans £400m revamp of London's St James

LONDON (Mar 23): The Crown Estate, which manages Queen Elizabeth's property holdings, plans to spend £400 million (RM1.9 billion) redeveloping three buildings near London's Piccadilly Circus.

The St James's Market scheme will deliver 245,000 sq ft of office, retail and leisure space, the Crown Estate said in a statement, adding it has further plans to create 40,000 sq ft of new homes in the area.

"The regeneration of St James's Market is an opportunity to revive a neglected location at the heart of London," Crown Estate head of development Alastair Smart said.

The Crown Estate, whose 10-year makeover of Regent Street transformed the stretch into a top shopping destination for brands such as Burberry and Apple, owns almost half of the buildings in the St James area.

It intends to apply for planning consent in the summer. The scheme takes its name from the now lost St James Market area, which between the 17th and 19th centuries hosted a busy hay and straw market.

The project is the second part of a £500 million regeneration programme for St James. The revamp's first phase was the Gateway Project, which involved a £100 million joint venture with Canadian pension fund Heathcare of Ontario Pension Plan. — Reuters