Press Release

FIRST MAJOR REDEVELOPMENT ON REGENT STREET IS 'TOPPED OUT' — AHEAD OF SCHEDULE

23 April 2004

The Crown Estate's first major block of redevelopment on Regent Street was 'topped out’ by The Crown Estate Chairman Ian Grant on Monday 19 April 2004. 229 – 247 Regent Street, on the western side of the street and just south of Oxford Circus, is due for completion less than two years since planning permission was granted. It will be the first completed development since the launch of the Regent Street Vision.

The £200 million scheme has been entirely financed by The Crown Estate. The construction process has been in partnership with Bovis Lend Lease and Stanhope, along with architects Sheppard Robson. The development has been already recognised as an exemplary development by winning a Gold National Considerate Contractor Award winner 2004 and Westminster's Considerate Contractors Award winner for 2003.

With one significant retailer already confirmed and others well progressed, The Crown Estate is already well on the way to finding occupiers for the 58,000 sq ft of prime retail space, in time for this year's Christmas season. In addition, the site will offer 110,000 sq ft of commercial accommodation in large open plan floorplates and 10 residential apartments.

Commenting on this completion phase, Ian Grant, Chairman of The Crown Estate said: "It has been a text book construction project so far and five weeks ahead of schedule. It is amazing to think that only eight months ago, a time capsule was being buried by local school children at its base.

"This building is delivering on The Crown Estate's commitment to creating an environment that matches our vision for Regent Street as an international destination, synonymous with quality, heritage, style and success. We have worked closely with Westminster City Council all the way through this project, to help meet their ambitions for a world city with a world class environment. This mixed use of quality buildings and improved public realm will be for the benefit of all."