The Crown Estate has announced the completion of the £100m Gateway redevelopment, the first major project to be delivered as part of their £500 million investment plan for St James's in London's West End.
The scheme is also the first they have delivered in partnership with a major international investor, working with Healthcare of Ontario Pension Plan (HOOPP) in a 50:50 joint venture to fund the redevelopment.
The Eric Parry Architects designed building delivers 5,300 m2 (57,000 ft2) office space, 2,600 m2 (28,000 ft2) retail space and 1,670 m2 (18,000 ft2) residential space to St James's, with a number of pre-lets already signed. Office and retail occupiers already signed up include Haymarket Financial, which will occupy the entire top floor, and Tiger of Sweden, set to open its flagship London store on Piccadilly. The scheme also makes an important contribution to St James's public realm through the transformation of Eagle Place and by introducing inspiring public art from Richard Deacon, Turner Prize winner, and Stephen Cox, to enliven the area for the benefit or residents, workers and visitors.
Paul Clark, Director of Investment and Asset Management said: "The successful completion of Gateway is a clear signal that we are delivering, both on our ambitious strategy for St James's and as an expert manager of third party capital. As well as providing world class commercial and residential space on one of the world's most prominent thoroughfares, Gateway is symbolic as the start of a ten year vision that will see us retain St James's essential character whilst redefining the area as a new destination in the heart of London."
Michael Catford, Vice President, Real Estate at HOOPP, observed how pleased HOOPP was with the project and its successful execution. "This co-venture with The Crown Estate is an important milestone for the pension plan as it grows the non-domestic component of its substantial real estate portfolio."
The Crown Estate's strategy for St James's is formulated around a defined investment plan which aims to sensitively regenerate the area, protecting its refined character, whilst at the same time providing the world class office, retail and residential space that will ensure the area's success for the long term.
The partnership on St James's Gateway with HOOPP, agreed in 2010, was the first major partnership The Crown Estate established and was followed shortly after by an agreement which saw NBIM (Norges Bank Investment Management) secure a 25 per cent stake in Regent Street in 2011. They have established this partnership model to provide additional working capital for investment in the core holdings, where it benefits from critical mass and specialist expertise. These sectors include: London's West End, dominant regional retail schemes, offshore renewable energy and strategic rural land.
With Gateway complete, The Crown Estate's focus will now move to the next major joint venture project, St James's Market, a £320m redevelopment which they announced recently to be delivered in partnership with Canadian investors, Oxford Properties.
The development managers for the project were Stanhope and the main contractors were Lend Lease.
Source: Crown Estate 13. June 2013
18/06/2013 00:54 by Buildington
A major new piece of public art was unveiled in Piccadilly on 6 March 2013 in front of an audience of leading figures from the world of art, architecture, property and local government.
These included Sir Nicholas Serota, Director of the Tate, artists Richard Deacon and Antony Gormley, together with Alison Nimmo, Chief Executive of The Crown Estate, Robert Davis, Deputy Leader of the City of Westminster, and Eric Parry of Eric Parry Architects.
Renowned artist Richard Deacon - a past Turner Prize winner - has created a dramatic sculptural cornice for St James's Gateway, The Crown Estate's first redevelopment in its 10-year plan to transform St James's. The 25-metre glowing artwork is Deacon's first sculpture to be integrated with a building, and the result of a close collaboration with architect Eric Parry, whose practice is responsible for the design of Gateway.
The cornice is formed of 39 individual, ceramic transfer sculptures, articulated by geometric structure and combinations of colour to create a unique pattern of modules which recalls the polychromy and artifice of Piccadilly Circus.
The artwork has been thoughtfully integrated into the architecture to contrast the quiet order evident in the lower storeys of the building, which blends contemporary modern elevations with retained Portland stone façades.
St James's Gateway is the first building in the UK to employ ceramic transfer to the faience façade. This method, which was developed in Stoke-on-Trent in the 18th century, has not been used for architectural ceramic before and has here been applied to Deacon's cornice as well as to the red-coloured frames of the double-height windows below.
James Cooksey, Head of St James's Portfolio at The Crown Estate said: "Our investment in St James's is quickly creating an exciting retail and business destination based around a vibrant local community. That's why providing vibrant public spaces that connect people through shared experiences is so important and why we see art as an essential part of what makes St James's so special. Public art like this piece by Richard can inspire community connections, especially important in Piccadilly, one of London's most busiest and prominent locations."
Eric Parry, Principal at Eric Parry Architects said: "I was delighted to work with Richard Deacon on this project and to assist the development of an artwork which is so sympathetic to the architecture below. The cornice is inspired by the exuberance and activity of the nearby Piccadilly Circus and shows how true collaborations between architects and artists can enrich the experience of buildings for inhabitants of, and visitors to, London."
The scheme will deliver 57,000 sq ft office space, 28,000 sq ft retail space and 18,000 sq ft residential space. The building is due for completion in the summer 2013. Located in St James's Conservation Area, it occupies a prominent block bounded by Piccadilly, Lower Regent Street, Jermyn Street and Eagle Place. The scheme merges a series of existing buildings into a new development combining a major new building with a retained façade and the refurbishment of a standalone listed building, to create offices, retail space and contemporary residential units.
Source: Crown Estate 6.03.2013
11/03/2013 01:04 by Buildington
Ahead of the Olympics, French luxury shoe maker JM Weston will open a flagship store on Jermyn Street, and Italian restaurant group San Carlo will open Cicchetti at 215 Piccadilly, just yards from Piccadilly Circus and adjoining The Crown Estate's £100 million St James's Gateway redevelopment scheme.
Anthea Harries, Portfolio Manager for St James's said: "Our ongoing investment in St James's is already delivering significant results; the arrival of JM Weston to Jermyn Street, and Cicchetti to Piccadilly helps us further cement the area's position as one of London's premier retail and dining destinations."
San Carlo, the award-winning family run business, is taking a 255 m2 (2,750 ft2) unit on a 15-year lease, at an undisclosed rent. The group was established in 1992, operates internationally in capital cities across the globe and has ten restaurants UK-wide. Five years ago it also acquired the famous 'Signor Sassi' in Knightsbridge, London.
Group Chairman Carlo Distefano, said: "We are expanding rapidly as a group and have been looking for many years to find exactly the right place to open a new London flagship restaurant. St James's is right for us because of its unrivalled reputation for quality, combined with the huge potential for growth offered by The Crown Estate's investment plan."
In June JM Weston will begin fit out at 60 Jermyn Street, a 75 m2 (800 ft2) of ground floor space and 85 m2 (900 ft2) of basement space, on a 12 year lease.
Eric Vallat, J.M. Weston C.E.O, said: "It is a great honour for J.M. Weston to establish its distinguished spirit in St James's, Jermyn Street, home of British elegance and know-how. As a French master shoemaker, we are proud to sit alongside other such respected artisans and luxury houses."
The French retailer was a favourite of former French Presidents Francois Mitterrand and Jacques Chirac, who both favoured the Weston loafer, and Weston's punched Oxford style shoe with a thick sole became so closely associated with Giscard d'Estaing that it is now known as the Giscard.
As the largest owner of freehold property in the core West End, we have made substantial progress in St James's in the last 18 months. It recently announced that Philippe Le Roux's Villandry will be moving into Trafalgar House, in Waterloo Place, to establish a high calibre flagship restaurant. It has also acquired over £150 million of new property interests as part of its strategy to secure host of high profile retail and restaurant lettings.
Cushman and Wakefield and Davis Coffer Lyons acted for The Crown Estate.
Source: The Crown Estate
09/06/2012 21:15 by Buildington
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