The Crown Estate will press ahead with plans to redevelop Duke’s Court in St. James’s; the plans had been put on hold after the EU Referendum vote.
The £100M scheme is now set to deliver 35k SF of new office accommodation, 11k SF of flagship retail and restaurant space and, at 33 Bury St, six new apartments. The redevelopment is part of the Crown Estate’s wider £500M investment program in St. James’s.
The commitment to go ahead indicates the firm’s belief in the fundamentals of the West End, said Crown Estate director of Central London James Cooksey.
The Crown Estate owns about half the buildings in the area. Earlier this year, it completed the £400M St. James’s Market redevelopment with Oxford Properties, creating 260k SF of office space, seven new restaurants and five flagship stores.
Last year, the Crown Estate delivered a record £304M to treasury coffers as the value of its portfolio rose 9.7% to £12B, the result of its regeneration plan and its offshore wind assets.
Duke’s Court is set to complete in spring 2019.
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