Press Release
THE CROWN ESTATE CONCLUDES MAJOR WEST END PROPERTY SWAP WITH THE POLLEN ESTATE
21 December 2007
The Crown Estate and The Pollen Estate this week concluded a major property swap at the heart of the West End.
The swap, which includes thirteen properties, valued at circa £100 million, in the heart of Regent Street and Mayfair, will facilitate the creation of two large mixed-use development opportunities for The Crown Estate in two blocks bound by Regent Street, New Burlington Street, New Burlington Place and New Burlington Mews.
Further consolidating The Crown Estate’s ownership and control of Regent Street, the deal offers the opportunity to promote plans for some 37,200 sq m (400,000 sq ft) built area mixed use developments.
David Shaw, Head of Regent Street Strategy and Development at The Crown Estate said: “2007 has been a great year for The Crown Estate’s Regent Street development programme and this swap delivers two additional pieces of the jigsaw; this valuable opportunity will allow us to create two exciting, large-scale mixed use schemes, offering flag ship stores and high quality office space for the 21st century.”
As part of the transaction, The Pollen Estate acquired four properties in its core estate in Savile Row, allowing it to build up its strategic ownership which extends from Savile Row to New Bond Street.
John Sullivan, associate partner at Drivers Jonas, commented on the sale: “This is a one off opportunity for The Pollen Estate to consolidate its core assets on Savile Row. Pollen has invested substantially in this part of Mayfair over the last 2-3 years with the 32,000 sq ft redevelopment of 5/6 Savile Row (with GE Capital) and 50,000 sq ft redevelopment of 10/12 Old Burlington Street (with Standard Life). The additional buildings acquired from The Crown Estate will provide further improvement opportunities for the future.”
CB Richard Ellis acted for The Crown Estate and Drivers Jonas acted for The Pollen Estate.
Further Information
Regent Street Redevelopment
Tenants
|
