Crown Estate adds to St James portfolio
The Crown Estate is the property company created by Act of Parliament which runs the British Queen's land and property empire.
Now, the estate just announced that it has bought 60,000 sqft. of office and retail space at 117 Jermyn Street for £67m from DTZ Investors. The Crown Estate already owns around 50% of the buildings in the upmarket St James area in London.
James Cooksey, Director of Central London, said: “We’re delighted to have further consolidated our position in St James’s with this strategic acquisition located between our award-winning One Eagle Place and our new landmark development, St James’s Market. 117 Jermyn Street’s prime location will see it benefit from our wider vision to refine and enhance this historic part of London, creating a world-leading destination for business, retail and lifestyle brands.”
The Crown Estate is investing £500m into St James. The majority, £400m, of the money will be spent on St James Market, where The Crown Estate and Oxford Properties is creating five flagship stores for "best in class" lifestyle and fashion brands, as well as restaurants and offices.
The estate was the subject of controversy last year, when it emerged that it is sitting on empty properties worth £800m in the capital, which has a big housing deficit.
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