The Crown Estate hasacquired the headlease of 16 St James’s Street from Legal and General.
The Crown Estate already held the freehold interest in 16 St James’s Street, and with the headlease acquisition this prominent corner building in St James’s is brought under its direct control. Located on the corner of King Street, 16 St James’s Street adjoins 20 St James’s Street and 15 King Street, the freeholds of which are both also owned by The Crown Estate.
16 St James’s Street comprises a six floor mixed-use building totalling 54,100 sq ft, incorporating leisure, office and residential space. Equinox, the fitness and lifestyle provider, occupies 17,200 sq ft on the ground and lower ground floors, with 32,700 sq ft of office space split across five floors above.
The lower three floors of office space are currently multi-let with two floors vacant, which The Crown Estate will refurbish to provide high quality flexible workspaces for small and medium sized businesses. Six residential apartments let on ASTs complete the building. Situated on the top floor the apartments benefit from a separate entrance and lift access direct from King Street.
As the largest property owner in the core West End, The Crown Estate owns around half the buildings in St James’s and the purchase follows the acquisitions of 15 Regent Street and 39 St James’s Street earlier this year.
Josh Tobin, Head of Central London Investment at The Crown Estate, commented: “This is our third key acquisition in St James’s this year, consolidating our contiguous ownership, and supporting the realisation of our long-term vision for our Central London portfolio. The building has an established and vibrant mix of uses, and gives us the opportunity to further broaden our offer providing exceptional quality office space in the heart of St James’s.”
CBRE acted for The Crown Estate. JLL acted for Legal & General.