The Crown Estate has confirmed plans to redevelop Morley House, a £100 mln (€112 mln) mixed retail and residential block at 314-322 Regent Street in London.
The redevelopment forms part of The Crown Estate’s ongoing £1 bn regeneration of Regent Street and will be taken forward in collaboration with main contractor, Kier Construction, and development manager, Waltonwagner.
The new building is expected to complete in summer 2020 and will deliver 11,000 sq ft (1,020 m2) of retail space and 44 new residential units which will be available to let.
Bob Dawson, head of the Regent Street Portfolio at The Crown Estate, said: 'On-going investments such as Morley House are an important part of our long-term commitment to London’s West End and support our vision to refocus the area north of Oxford Circus around high-quality lifestyle and leisure, complementing the fashion-led offer on the rest of Regent Street.'
The Crown Estate, a £13 bn real estate business specialising in commercial property in central London, prime regional retail and offshore wind, owns the freehold to the entire length of Regent Street, a 2 km stretch of world-class retail and office space, which welcomes 7.5 million visitors a year.
The company manages Regent Street on behalf of the Regent Street Partnership, which comprises The Crown Estate and Norges Bank Investment Management (NBIM).
Established by an Act of the UK Parliament, as an independent commercial business, the Crown Estate returns 100% of its annual profits to the Treasury for the benefit of the public finances.
