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LONDON-The Crown Estate has selected Stanhope as its development partner for the £200 million ($282 million) redevelopment of 229-247 Regent Street in London’s West End. The scheme, on the western side of Regent Street between Hanover Street and Princes Street, near Oxford Circus, is the first major stage in the Crown Estate’s strategy to enhance Regent Street’s status as a top international shopping destination.

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 be retained.

Crown Estate Chief Executive Roger Bright said: ‘Despite the current economic uncertainties, we continue to have confidence in our plans for Regent Street that look to maintain its prosperity in the long- term.’

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

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