The Crown Estate has acquired 60,000 sq ft of office and retail space at 117 Jermyn Street for £67m from DTZ Investors, adding to its existing St James’s holdings where it owns around 50% of the buildings.
James Cooksey, Director of Central London, said, “We’re delighted to have further consolidated our position in St James’s with this strategic acquisition located between our award-winning One Eagle Place and our new landmark development, St James’s Market. 117 Jermyn Street’s prime location will see it benefit from our wider vision to refine and enhance this historic part of London, creating a world-leading destination for business, retail and lifestyle brands.”
Chris Sim, Director at DTZ Investors, said, “We are delighted to complete the sale of 117 Jermyn Street which successfully concludes the business plan for this asset. The Fund has seen significant income growth over the period of ownership as well as delivering a significant capital return for our Client.”
The Crown Estate’s £500m investment in St James’s is guided by a clear strategy, which aims to enhance and refine the area sensitively, carefully and for the long term. Investment will improve the cohesion of our holdings but also protect St James’s future as a distinct niche in the West End office market, and a world renowned destination for shops and restaurants. It will also build on the area's residential character and improve the public realm by redressing the balance between pedestrians and motorists.
As part of this investment, St James’s Market, a £400m joint venture between The Crown Estate and Oxford Properties, is creating seven new restaurants in total, alongside 210,000 sq ft of new, modern office accommodation and five flagship stores for best in class lifestyle and fashion brands. Recent lettings include the premium British brand Jigsaw; Swedish cycling brand Assos; and iconic design and lifestyle brand SMEG, as well as the Carlyle Group and The Crown Estate for new London headquarters.