The buildings were developed in the 1920s and as a result much of the retail and office accommodation is in need of refurbishment. The Crown plans to work with other investors - like Heron and Benchmark - that own intermediate interests on the street. The Crown will also invest in improving the environment for pedestrians with measures to reduce traffic and pollution.
Crown Estate Chief Executive Sir Christopher Howes said: "Regent Street is currently one of the most famous and popular streets in the world. We want to retain the elegant style of the street, and we must also ensure it is a place where people want to shop, visit, work and relax.
"We aim to provide more top quality retail space suitable for today's leading retailers, as well as modern, flexible office space that is able to accommodate the latest technological requirements."
The Crown Estate includes all the land that was once the personal property of the monarch. Under Queen Victoria it was handed over to the state, in return for a guaranteed annual payment under the Civil List. The Crown Estate Commissioners now manage the property as a revenue-generating exercise for the UK Government, and last year more than £130 million ($185 million) was handed over to the Exchequer.
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