The Crown Estate, the company that owns the Sovereign’s land and property in the UK, is drawing up plans for a new vehicle to control its £2.2bn estate around Regent Street in London. Financial Times
The move marks a significant departure in strategy for the Crown Estate, which directly owns almost all of the property in Regent Street and Regent’s Park, as well as swathes of land across the UK.
The body wants to raise money for future property investment, as well as help fund the development of its existing £7bn property portfolio. The Crown Estate does not have the ability to borrow money, and returns revenue surpluses to the public via the exchequer.
The latest part of its Regent Street estate, what it calls the 'Quadrant project', is expected to win planning consent next month from Westminster City Council.
If approved, the project will aim to redevelop and improve a 1m sq ft space in the heart of the West End, as well as creating a 44,000 sq ft public realm area.