Crown Estate to stage £430m transformation in London’s West End
The Crown Estate will redevelop £430m worth of real estate in London’s West End in an effort to stimulate the capital’s post-pandemic renewal.
The three buildings chosen for the project have been empty for decades but the Crown Estate’s redevelopment plan will see them become workspaces, retail and hospitality areas.
Over 250,000sq ft are set to be redeveloped while the Crown Estate has pledged to retain more than 90 per cent of the original structures and facades of 10 Spring Gardens and New Zealand House.
Construction on the three developments in London’s West End, which have a collective value of £430m, has already begun.
New Zealand House and 10 Spring Gardens are set to become workspaces, while 33-35 Piccadilly will be home to shops and restaurants.
The news comes at a busy time for the London commercial property market, as demand for high-quality and sustainable physical space in the capital continues to rise post-pandemic.
These developments are “just the start” of the Crown Estate’s plan to redevelop parts of London, as it “looks to create spaces and places that respond to the needs of businesses, visitors and local communities of today, and for future generations,” Kristy Lansdown, head of development at The Crown Estate, said.
“These projects will deliver world-class space that is sustainable in every sense of the word, as we work with a range of partners to create buildings with significant social and economic impact,” she added.
The Crown Estate is managed by an independent commission and exists to preside over the Crown’s extensive real estate across England and Wales. It is one of the largest rural holdings in the country.
Simon Harding-Roots, managing director, London at The Crown Estate, said: “These three developments will deliver much-needed quality employment space into the heart of London’s West End.
“They form part of our wider investment in the future of the Capital, and complement major projects such as the extensive improvements we are making to public spaces across Regent Street, Haymarket and Piccadilly Circus with Westminster City Council.
“Collectively, the works we are undertaking across our London portfolio are underpinned by our ambitions to make it a more accessible, sustainable and inclusive city.”
Multiplex and McLaren Construction Group have been appointed as construction partners for New Zealand House and 10 Spring Gardens respectively. KPH has been appointed to manage the initial works for 33-35 Piccadilly.