The completed building will have nearly 180,000 sf of space,including residential, offices and 60,000 sf of retail space,including one 30,000-sf retail unit suitable for a flagship store.The ornate Regent Street frontage of the building will beretained.

Crown Estate Chief Executive Roger Bright said: 'Despite thecurrent economic uncertainties, we continue to have confidence inour plans for Regent Street that look to maintain its prosperity inthe long- term.'

Last year Stanhope--headed by Sir Stuart Lipton--was selected bySelfridges to develop its Oxford Street department store site. The£250 million ($355 million) project includes increasing thedepartment store's floorspace by 19 %.

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