Press Release
REGENT STREET STRATEGY AND DEVELOPMENT
26 March 2008
The Crown Estate Board has reviewed The Quadrant project on Regent Street on which planning consent is expected in the next month from Westminster City Council.
When approved, The Quadrant scheme, valued at more than £750 million when completed, will revive and improve a 1 million sq ft built area in the heart of the West End, creating a 44,000 sq ft public realm area. This represents the most significant addition after Trafalgar Square to London’s public realm seen in the West End over the last 30 years.
In line with The Crown Estate’s investment strategy of pursuing a variety of ways of achieving both income and capital growth, options both for financing this development and raising funds for other investments are being looked at.
As part of this work, The Crown Estate Board has agreed that exploratory work should be undertaken into the feasibility of creating a special purpose vehicle for its Regent Street properties. The purpose of such a vehicle would be to enable The Crown Estate to release funds for investment.
The Board made clear that if, following the feasibility exercise, such a vehicle were to be pursued, The Crown Estate would retain the freehold ownership of the entire street and maintain overall responsibility for its strategic direction.
The Board expects the feasibility exercise to be concluded in early 2009 and no decision will be taken before then.
Further Information
Regent Street Redevelopment
Tenants
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