The Crown Estate To Spend £430M On 3 London Developments
The property company that manages the portfolio of the British crown is set to undertake its biggest London development spree in a decade, with three new schemes, including two retrofits.
The Crown Estate, which has one of central London’s largest property portfolios at 10M SF, has allocated £430M to three schemes in the West End: New Zealand House, 10 Spring Gardens and 33-35 Piccadilly.
The 18-storey New Zealand House is Grade II-listed and located near Trafalgar Square. Built in 1963, it featured the first fully air-conditioned office in the UK.
The building will be refurbished, and when finished it will total 138K SF of office and hospitality space. The refurbishment will retain 90% of the structure, with steel obtained from reuse sources. As a result, the construction phase is anticipated to use less embodied carbon than the Crown Estate’s portfolio-wide target of 400kg CO2/m2, the company said.
Nearby, 10 Spring Gardens is undergoing a full refurbishment, which will deliver 80K SF of offices with a focus on sustainability. In this project, 90% of the structure and facade will also be retained, and it is targeting a NABERS five-star rating, EPC A and BREEAM Excellent, as well as a WELL Gold Certification.
The redevelopment of 33-35 Piccadilly will provide 3K SF of retail and hospitality space on the ground floor and 30K SF of office space on the floors above, which will be an 85% increase in office and retail floor space. It is targeted to achieve a NABERS five-star rating, a WELL Platinum Certification and a BREEAM Outstanding.
Multiplex and McLaren Construction Group have been appointed as construction partners for New Zealand House and 10 Spring Gardens, respectively. KPH has been appointed to manage the initial works for 33-35 Piccadilly.
“New Zealand House, 10 Spring Gardens and 33-35 Piccadilly represent just the start of our ambitious development plans in London as we look to create spaces and places that respond to the needs of businesses, visitors and local communities of today, and for future generations,” Crown Estate Head of Development Kristy Lansdown said.
The Crown Estate is made up of assets that are owned by the reigning British monarch and managed by an independent board. The profit from it goes to the UK Treasury. The King and the royal family then receive a fixed percentage of the profit generated by the estate, called the Sovereign Grant. That figure is currently 25%.
