The Crown Estate has submitted four planning applications to Westminster City Council in the UK for a £450m redevelopment of St James’s Market in central London.
Designed by Make Architects, the project will see the redevelopment of 14-20 Regent Street and 52-56 Haymarket.
The St James’s Market scheme will create about 340,000ft² of mixed use space between Regent Street and Haymarket.
The scheme will redevelop two blocks to create 211,000ft² of office space as well as 45,000ft² of retail and restaurant accommodation.
Under the scheme, the Haymarket block will be replaced, while the Regent Street block will be redeveloped.
As part of the plan, a 24,000ft² public area will be revitalised and a new 10,000ft² pedestrian square with public art will be created.
The proposals will also feature three associated private residential and affordable housing schemes, which will create 60,000ft² of new homes, ranging from one bedroom apartments to four bedroom family homes.
Crown Estate head of development Alastair Smart said, "St James’s Market is perhaps the most significant development we have ever undertaken and builds on the two schemes currently on site as part of our investment in St James’s and Regent Street to provide modern space for global businesses."
Proposals for the four sites have been developed by Make Architects, Tate Hindle, Paul Davis & Partners and Burwell Deakins, while CBRE has provided planning advice.
Work is expected to begin on site by autumn 2013 and finish by 2016.
The Crown Estate owns a £1bn, 4 million ft² property portfolio in St James’s, which represents about 50% of the buildings in the area.
The redevelopment is part of a £500m investment programme for the area guided by St James’s Strategies launched in 2011.
Image: The St James’s Market scheme will create nearly 340,000ft² of mixed use space between Regent Street and Haymarket. Photo: The Crown Estate.