Crown Estate’s $1.6B Revamping Project of Regent Street in London Gets Under Way
- Nov 04, 2013
The Crown Estate’s £1 billion ($1.6 billion) regeneration of Regent Street has reached a new milestone as on site work starts at Quadrant 2 South.
The project follows in the footsteps of previous redevelopments that have seen the Regent Street Quadrant in London transformed into a destination for fashion, lifestyle and business. Regent Street is owned by The Crown Estate in partnership with Norges Bank Investment Management.
Previously completed projects to date include the landmark Quadrant 3 scheme, a £400 million ($643 million) mixed-use redevelopment covering 270,000 square feet of space. The successful project includes Al Gore’s Generation Investment Management and Telefonica Digital amongst its office tenants.
The works at Quadrant 2 South will see the Grade II listed properties redeveloped to provide new, modern office space and this way building further up Regent Street’s reputation as a destination for global businesses. The project, a wholesale retrofit of Quadrant House and 7-9 Air Street, is expected to be completed by early 2015.
The project aims to also reach the highest levels of sustainability and the building will draw on power from the first molten carbonate fuel cell that The Crown Estate installed at Quadrant 3 earlier in October, 2013. The building is set to produce 40 percent less carbon emissions than equivalent new builds. Quadrant 2 South will also take advantage of a wide range of green sustainable technologies such as photovoltaic panels to increase even more the energy efficiency of the building and to reduce its carbon output.
“This project is a great example of our commitment to high quality, sustainable development in our ongoing transformation of Regent Street. Quadrant 2 South will provide new modern office spaces, enhancing Regent Street’s appeal as a destination for global businesses, whilst preserving the important listed facades that give the area its unique character,” said Alastair Smart, head of development.
The Crown Estate, a real estate entity with a capital value of £8.6 billion ($13.8 billion), is owned by the Crown but is not the private property of the monarch. The entity is governed by an Act of Parliament.