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LONDON-Crown Estate, the company that owns and manages properties that used to belong the monarch, has appointed a new development surveyor to manage its Regent Street estate in London.

The estate, with its landmark curved retail pitch, is seen as the jewel in the crown of the Estate. But Crown Estate has long wanted to regenerate the area while retaining its unique and world famous characteristics. Now they have appointed Peter Bourne, of Wereldhave Property Corporation, to manage the development already under way on Regent Street and to assess the feasibility of further projects. He will report to Crown Estate head of Regent Street strategy David Shaw. At Wereldhave, Bourne worked on the Carnaby Estate, adjacent to Regent Street and another one of London’s quirky retail pitches.

At the same time as announcing the new appointment Crown Estate also took the rare step of selling one of its freehold properties. As part of plans to restructure its City of London holdings, the Crown Estate has sold 41/47 Ludgate Hill, EC4 for £5.3 million ($8.9 million) at a net initial yield of 6.7%. The 17,222 sq ft offices, with ground floor retail, was bought by David Pearl’s Structadene. CB Richard Ellis acted for the Crown Estate.

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