The Crown Estate, which runs the Queen’s land and property empire, has expanded its ownership in central London’s St James’s district with a £70 million purchase.
The property developer is understood to have paid around that price to US private-equity group Blackstone for the lease interest of 130 Jermyn Street.
It already owned the freehold, but buying the lease means it has full control of the 56,800 square feet office and retail building. It will look to find retailers for vacant space.
Dominic Packwood, asset manager at The Crown Estate, said: “This acquisition represents an important addition to the portfolio, as we continue to invest in the ongoing regeneration of the St James’s Market area. 130 Jermyn Street presents us with an immediate opportunity to enhance the retail and dining mix, benefiting the immediate community as well as attracting visitors to the area.”
Property agents BH2 and Savills brokered the deal.
The site is next to The Crown Estate’s major St James’s Market project, comprising new offices, shops and restaurants. The Crown Estate is currently looking to get planning permission for the second phase.