The Crown Estate has appointed Bouygues UK as the main contractor for the redevelopment of 29-30 St James's Street and 25-27 Bury Street. A building agreement with Network Housing Group has been signed to provide new homes at Grosvenor Road, Pimlico.
The building agreement at Grosvenor Road will see 17 high quality homes constructed, including 12 intermediate homes. Once the redevelopment works are completed, Network Stadium, part of Network Housing Group, will continue to manage the new properties through a Crown Estate lease, whilst we will retain freehold interest.
The redevelopment of 29-30 St James's Street and 25-27 Bury Street will provide five apartments, as well as new retail and office space.
These schemes, set to complete in 2015, form part of the £450m St James's Market project, which includes a further a residential development for seven apartments and three new mews houses at Cleveland Row and Russell Court and the commercial redevelopment of two blocks between Haymarket and Regent Street in partnership with Oxford Properties.
Incorporating all its residential sites, St James's Market is set to provide 32 new homes.
Alastair Smart, Head of Development said:
"We are delighted to be working with Bouygues to ensure that St James's retains its residential character, and also to have partnered with Network, whose experience will be important to delivering much needed, intermediate housing. These announcements demonstrate that all the elements of our St James's Market scheme are continuing to make good progress."
Helen Evans, Chief Executive at Network Housing Group, said: "We are thrilled to be working with The Crown Estate to be developing these much-needed affordable homes in such a central location. Five homes will be available for private sale and 12 will be offered below market rent for working Londoners who would otherwise be priced out of the local area."
Arnaud Bekaert, London and South East Managing Director at Bouygues UK said: "We are extremely pleased to have been selected by The Crown Estate to deliver these projects and are proud to be part of the redevelopment of the St James's Market scheme. Our team has extensive experience in delivering schemes such as these and we are all looking forward to working closely with The Crown Estate to help them to realise their vision for the area."
Source: The Crown Estate www.thecrownestate.co.uk March 26 2014