Plans for a significant redevelopment of the St James's area of central London have been given the go-ahead.
The Crown Estate had laid out proposals to invest £450 million into the regeneration of the site which will provide a substantial boost to the St James's Market area.
Four linked applications have now been approved by Westminster City Council's planning committee with work due to start in the autumn of 2013. Officials behind the redevelopment have stated that the project will see two residential blocks reconnect an isolated part of St James's between Haymarket and Regent Street back to the historic section of the area.
It has been a joint effort to land the approval for the work with developers such as Make Architects, Tate Hindle, Paul Davis & Partners and Burwell Deakins all being involved with the creation of the proposals while CBRE has been on hand with planning advice.
The Crown Estate intends to rebuild the St James's Market area and create 340,000 sq ft of mixed-use accommodation, which will be situated between Regent Street and Haymarket. There will be a host of new houses which will equate to 60,000 sq ft with an array of different builds ranging from one bedroom apartments, ideal for young professionals, to four bedroom family homes.
Alastair Smart, head of development at The Crown Estate said: "St James's Market is the most exciting scheme that we have ever undertaken in the West End. It builds on our award winning development pipeline, which has seen us deliver more than 1m sq ft of space for global businesses over the last 11 years."
St James's is one of the most historic areas of London with it being defined by its four corners of Trafalgar Square, Piccadilly Circus, Green Park and Buckingham Palace. It was named after the royal palace and has been a focal point of the capital in terms of providing luxury goods and services since the 1600s. This redevelopment is aimed at further enhancing the amenities around the area.
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