Crown Estate to press ahead with £100 million West End development
The royal family's commercial property arm will press ahead with a £100 million West End development that had been placed under review following Britain's decision to quit the EU.
The Crown Estate confirmed that it will begin the redevelopment of Duke's Court, a mixed retail and office block, in St James's.
The plans form part of a wider £500 million investment programme in the area.
James Cooksey, director of central London at The Crown Estate, said: "We're committed to re-establishing St James's as a world-class business and lifestyle destination.
"Such an investment reflects our belief in the fundamentals of London's West End, notwithstanding the near term market outlook, and its continued performance over the long term through creating fantastic buildings that stand the test of time."
The project will be delivered by Skanska and is set to complete in spring 2019.
The Crown Estate owns around half the buildings in the area and earlier this year it completed the £400 million St James's Market redevelopment with Oxford Properties, creating 260,000 sq ft of office space, seven restaurants and five stores.
Last year the property empire delivered a record £304.1 million to Treasury coffers and saw the value of its portfolio rise 9.7% to £12 billion.
The Crown Estate, which owns large swathes of land and property across Britain, said its income rose 6.7% as it reaped the benefits of a regeneration plan and its offshore wind assets.