The royal family’s commercial property arm, The Crown Estate, has confirmed a £100m development of Duke’s Court, a mixed retail and office block on the corner of Duke Street and Jermyn Street in St James’s.
The plans for the development, which had been placed on hold following the Brexit vote in June, were designed by John McAslan and Partners and will be delivered by Skanska; they form part of a wider £500m investment programme in St James’s.
This latest scheme will create 35,000 sq ft of office space, from the first to sixth floor, and 11,000 sq ft of flagship retail and restaurant space at ground and basement levels. In addition, six new apartments will be created at 33 Bury Street, restoring the upper floors of the building to their original residential use. It is scheduled for completion in spring 2019.
James Cooksey, director of central London at The Crown Estate said: “We’re committed to re-establishing St James’s as world-class business and lifestyle destination. 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 Crown Estate owns around half of the buildings in the St James’s and this autumn it completed its “most ambitious development to date”, the £400m St James’s Market redevelopment with Oxford Properties. That scheme created 260,000 sq ft of office space, seven new restaurants and five flagship stores, including the new Jigsaw Emporium.
Within its Central London portfolio, The Crown Estate holds almost the entire freehold to Regent Street and nearly 50% of the buildings in St James’s. Across its portfolio it is currently delivering a £1.5bn investment and redevelopment programme.