St James's overview
We own nearly 50 per cent of the buildings in St James's and the area is part of the core fabric of The Crown Estate. The portfolio is currently the focus of a £500 million investment plan.
St James's is part of The Crown Estate's core West End holdings. Our portfolio comprises nearly 50 per cent of the buildings in St James's; some 4 million ft2 of retail, office and residential space with a value of over £1 billion.
In 2012 we acquired the freehold interest in of Princes House for £87 million, which represented the only significant gap in our holdings on the northern side of Jermyn Street/southern side of Piccadilly. We have further consolidated our position through the acquisition and merging of interests. This strategy has been applied in the purchases of 13 Charles II Street, 106 and 115 Jermyn Street.
We are committed to a ten year programme to invest £500 million into our holdings. Our approach is guided by a clear strategy, which aims to enhance and refine St James's, sensitively, carefully and for the long term. Investment will improve the cohesion of our holdings but also protect St James's future as a distinct niche in the West End office market, and a world renowned destination for shops and restaurants. We will also build on the area's residential character and improve the public realm by redressing the balance between pedestrians and motorists.
Some of our most exciting schemes are taking shape here. Major redevelopment projects such as St James's Gateway and St James's Market, will deliver a modern 21st century business space and enhance and respond to the character of the area, reflecting our commitment to architectural excellence.
Building on the success of our partnerships with Norges Bank Investment Management (NBIM) on Regent Street and with Healthcare of Ontario Pension Plan (HOOPP) on the St James's Gateway scheme, in 2013 we announced that we have established a joint venture with Canadian real estate investors, Oxford Properties, to partner us on the redevelopment of our St James's Market scheme.