A low-carbon vision for St James’s Market

One of the key ways we are seeking to grow the value of The Crown Estate portfolio for the nation is by decarbonising our real estate. We are doing this by cutting energy usage while delivering an ambitious pipeline of works to make buildings more sustainable, lower-cost to run and more desirable to customers.

If possible, we intend to do this in a way that contributes to wider best practice – which is why we recently reconsidered the masterplan for the second phase of works at St James’s Market, which sits at the heart of our London portfolio, connecting Regent Street and Haymarket. The masterplan will redevelop a block of five existing buildings and retain the Grade II-listed former Empire Cinema, with the intention to deliver high-quality and sustainable workplaces in an accessible, inclusive and welcoming neighbourhood.

After developing a new-build scheme over several years, we acquired full ownership of the project by buying out our joint venture partner in 2025. Subsequently, we commissioned a peer review by industry experts, who concluded that the embodied carbon performance of the initial design did not meet our latest sustainability goals or show carbon leadership.

In response to these findings, we evaluated various options, including refurbishment and an optimised version of the original design, against leading industry standards. We opted to rework the scheme to align with our ambitions.

While the additional design work and enhanced performance require investment, our Value Creation Committee agreed that this is the best route to maximise value, ensuring the asset is resilient, carbon efficient and commercially attractive over the long term.

Our chosen approach uses innovative design and supply-chain solutions to reduce the project’s carbon footprint, in line with our commitment to sustainable development. For example, we plan to eliminate one of the two proposed basement levels, modify the structural approach and use more low-carbon materials.

We are now progressing the redesign in consultation with stakeholders including Westminster City Council.