The proposal is to build 5,388 sq m of shops, 10,683 sq m of offices and 10 flats. This forms the first part of a £500 million ($778 million), 10-year programme to redevelop the Crown Estate's holdings on Regent Street.

Crown Estate was set up to own and manage the land and property of the monarch. But the jewel in its crown is the ownership of the whole of the landmark Regent Street.

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