Proposed sale of Regent Street could introduce new office developments
Regent Street, one of central London’s most prominent and well-known locations, could soon be owned by foreign investors if plans drawn up by The Crown Estate – the Queen’s property company – are brought to fruition.
In order to fund development plans for the area, chief executive of the Crown Estate Roger Bright told The Daily Telegraph that they are reportedly looking into a “number of possibilities” – along with some “radical options”.
Discussions currently underway with the Board include a third party taking a stake, a joint venture for a new development, a limited partnership, and even selling a stake in the whole street.
Mr Bright said that potential partners could be from within the UK, but could also include investors from Canada, Spain, and Scandinavia. He said: “Going forwards, the Crown Estate will be looking for partnerships and joint ventures with other investors to pursue our ambitions.”
Regent Street is most famous for its retail outlets, including major brands such as Apple and Hamleys. Mr Bright also stated that he wants to make this part of central London a desirable office location too, through a proposed ┬ú750m scheme.
But because the organisation is not permitted to borrow money, they are therefore seeking input from investors.
“I think the important point for us is that we will choose very carefully partners who share our values and objectives and who would be in it for the long-term,” Mr Bright added.