St. James’s Market London, Office Building, English Development Project
St. James’s Market Building : London Office Architecture
Crown Estate and Oxford Properties Project design by make Architects, England, UK
28 May 2013
St. James’s Market London
Design: make architects
Crown Estate and Oxford Properties agree £320 million St James’s Market joint venture
28th of May 2013 – The Crown Estate has announced today that it has established a joint venture that will see Canadian real estate company, Oxford Properties, take a 50 per cent stake in the £320 million commercial element of its landmark St James’s Market scheme.
The deal establishes a strategic partnership based on two 50:50 limited partnerships that will each own 150 year leasehold interests in two blocks located between London’s Regent Street and Haymarket. The Crown Estate will retain the freehold and take the lead role to develop and asset manage the scheme in line with its strategy for St James’s, where it owns nearly 50 per cent of the buildings. Oxford Properties will play an active role in bringing the strength of its global platform and relationships to complement The Crown Estate’s team.
Paul Clark, The Crown Estate’s Director of Investment and Asset Management said: “Partnering with an organisation of the calibre of Oxford Properties speaks volumes about the market’s confidence in our specialist approach to managing third party funds. St James’s Market will deliver the most ambitious redevelopment in St James’s in the last century and represents a major tipping point for our strategy for the area.”
Paul Brundage, Executive Vice President, Oxford Properties said: “St James’s Market represents a truly exciting opportunity for us to partner with one of London’s foremost property companies on a landmark project that will transform a historic corner of London. Our organisations are not only aligned financially but so too are our beliefs, values, approach and long-term view. We look forward to working with The Crown Estate and bringing our global and local development expertise to realise the vision for St James’s Market”.
The scheme forms part of The Crown Estate’s ten year investment strategy for St James’s and, once complete, will provide 210,000 sq ft of prime office and 50,000 sq ft of flagship retail and restaurant space. A run-down back street service yard and taxi ‘rat-run’ will be replaced by a fantastic new amenity for St James’s, revitalising half an acre of public realm and creating a new 10,000 sq ft pedestrian square for world-class business, shopping and dining.
The St James’s Market joint venture is the third major partnership that The Crown Estate has established for its central London holdings in recent years. The Regent Street Partnership, which includes Norges Bank Investment Management, continues to invest in London’s premier shopping destination. Next month it is set to complete the £100 million Gateway development, a 50:50 limited partnership with Healthcare of Ontario Pension Plan.
The deal with Oxford Properties builds on The Crown Estate’s strategy to provide working capital for investment in its core holdings, where it retains critical mass and benefits from specialist expertise: London’s West End, dominant regional retail schemes; offshore renewable energy; and strategic rural land.
The Crown Estate’s ownership in St James’s includes 4 million sq ft of retail, office and residential space with a value of over £1 billion. Its approach is guided by a clear investment strategy that aims to improve the cohesion of these assets and build on St James’s position both at the heart of the West End office market and as a destination for quality retail and dining.
CB Richard Ellis, Capital Real Estate and Hogan Lovells acted for The Crown Estate.
St. James’s Market Project images / information from The Crown Estate
16 Jan 2013
St. James’s Market Development London
Design: make architects
London – 16 January 2013 – The Crown Estate granted green light for St. James’s Market development Make’s plans to redevelop a flagship site for The Crown Estate have been given the go ahead by Westminster Council.
The Crown Estate’s £450million St. James’s Market development plans, which also include three associated residential developments, hinge around the creation of a new public square and two new buildings. One building sits on Regent Street and retains an historic facade while the other presents a completely new facade to Haymarket.
Bounded by Jermyn Street, Haymarket and Regent Street, the sympathetic new scheme will provide 50,000sq ft retail and amenity space at ground level with 210,000 sq ft BREEAM Excellent commercial space above, divided across the two buildings. Much of the newly configured site will be traffic-free.
The facade of the Regent Street block, which dates from 1929, will be retained and the development as a whole has been designed to echo the materials and scale of the neighbouring buildings using curved and inlaid stone, characteristic of the St. James’s Conservation area.
Jonathan Mitchell, project architect said: “South of Piccadilly, this site is somewhat forgotten and hidden away, despite its important historic roots in the heart of Westminster. Our designs will restore the character and quality of the area and radically improve the public realm and amenities.”
Justin Nicholls, partner at Make said: “This is a key project in Make’s growing portfolio of heritage work. We have developed an excellent relationship with English Heritage and are delighted that Westminster has recommended approval for the site, it will be fantastic to see it delivered.”
Alastair Smart, Head of Development at The Crown Estate said: “St James’s Market is the most exciting scheme that we have ever undertaken in the West End. It builds on our award winning development pipeline, which has seen us deliver over a million sq ft of space for global businesses, over the last 11 years.”
The Crown Estate’s investment in St. James’s builds on the area’s status by providing a first rate amenity space for those living, working and visiting the area.
13 Sep 2012
St. James’s Market Development
Design: make architects
Location: northwest of city centre
Make submits plans for St. James’s Market development on behalf of The Crown Estate
A key area in central London will be reinvigorated if plans submitted by Make, on behalf of The Crown Estate, are approved. As one of The Crown Estate’s flagship sites, the St. James’s Market project entails the redevelopment of six buildings to the south of Piccadilly Circus bounded by Jermyn Street, Haymarket and Regent Street.
The site will be divided around significant public realm improvements that includes a new public square. Two urban blocks will be created containing 50,000sq ft of retail and amenity space at ground level with 211,000 sq ft BREEAM Excellent commercial space above. Much of the newly configured site will be ‘traffic free’.
The design is sympathetic with the surrounding architecture and will retain the heritage façade of the Regent Street block as well as echo the materials and scale of the neighbouring buildings using a mixture of solid and curved stone, characteristic of the St. James’s Conservation area.
Jonathan Mitchell, project architect said: “Make is proud to have designed this flagship development for The Crown Estate, which will be the next major milestone in the St. James’s investment strategy. The St. James’s Market project presents a unique opportunity to revitalise this hidden historic site in the heart of Westminster. We have worked very closely with English Heritage and Westminster Council for three years, together with The Crown Estate, to deliver designs that reflect their commitment to architectural excellence that enriches the character and quality of the area.”
Justin Nicholls, partner at Make said: “We created a holistic design for this commercial development that sympathetically integrates existing and new buildings and public realm with distinctive, yet sensitive architecture.”
As the name suggests, St. James’s Market was originally the provisions market serving the houses of St. James’s. Following the construction of Regent Street, the site has been somewhat forgotten, being neither St. James’s nor SoHo. The new development will return the site to its former identity, by serving the local population of St. James’s with amenity space and a public square.
Commenting on the proposals, Alastair Smart, Head of Development at The Crown Estate said: “St. James’s Market is perhaps the most significant development we have ever undertaken and builds on the two schemes currently on site as part of our investment in St. James’s and Regent Street to provide modern space for global businesses.”
St. James’s Market Project images / information from make architects
St. James’s Market Building design : make architects
Location: St. James’s Market, London, England, UK
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The Crown Estate
The Crown Estate manages a highly diverse property business valued at more than £8 billion. The Crown Estate pay their surplus revenue (profit) to the Treasury for the benefit of the nation every year: in 2011/12 this was £240 million. Over the past ten years The Crown Estate has paid nearly £2 billion to the Treasury.
The objectives of the The Crown Estate, which are laid down by Parliament under the Crown Estate Act 1961, include enhancing the value of the estate and the revenue it produces.
The responsibilities of The Crown Estate are to maintain and enhance the value of the estate and its income over the long term and to do this having regard to good management. In summary, The Crown Estate is a successful business organisation guided by core values – commercialism, integrity and stewardship. http://www.thecrownestate.co.uk/news-media/news/2012/plans-submitted-for-gbp-450-million-st-jamess-market-transformation/
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