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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