The Crown Estate and Oxford Properties have agreed a £145 mln (€202 mln) extension to the St James’s Market Partnership with the establishment of a new joint venture for a 160,000 ft² (14,864 m²) commercial block between St Albans Street and Haymarket in London’s St James’s.
The new 50:50 partnership builds on The Crown Estate and Oxford Properties’ existing £320 mln (€446 mln) St James’s Mark Jet joint venture, established in 2013 to redevelop two neighbouring blocks in between Regent Street St James’s and Haymarket. Works are currently underway on site to deliver 260,000 ft² (24,154 m²) of retail, restaurant and office accommodation, alongside transformational public realm improvements, with completion expected in 2016.
As with the first joint venture between the two parties, The Crown Estate will retain the freehold and act as asset manager on behalf of the partnership. Oxford Properties will play an active role in bringing the strength of its UK and global platform to bear to complement the expertise of The Crown Estate’s team.
Source: The Crown Estates