The Crown Estate has submitted four planning applications as part of a £450 million redevelopment plan that will transform the St James’s area in central London and create new jobs.

A major part of St James’s will be rebuilt to create nearly 340,000 sq ft of mixed-use accommodation between Regent Street and Haymarket.

The lead scheme, known as St James’s Market, will see the building of a commercial redevelopment which will create offices, retail and restaurant space behind preserved historic facades in central London.

The proposals mark the next stage of the Crown Estate investment programme for St James which comprises nearly 50 per cent of the buildings in the area.

James Cooksey, Head of St James’s Portfolio said: “Our investment in St James’s builds on the area’s status by providing a first rate destination amenity space for those living, working and visiting the area.

“Together with our Gateway scheme and investment in Trafalgar House and British Columbia House, it demonstrates the major progress we’re making in delivering on our St James’s strategy.”

Commenting on the proposals, Alastair Smart, Head of Development said: “St James’s Market is perhaps the most significant development we have ever undertaken and builds on the two schemes currently on site as part of our investment in St James’s and Regent Street to provide modern space for global businesses.”

The St James’s Market proposals also include three associated private residential and affordable housing schemes. These will create new homes totalling 60,000 ft2, ranging from one bedroom apartments to four bedroom family homes.

In March 2012 The Crown Estate consulted the local community and received strong levels of positive feedback on the proposals, particularly in relation to the improvements to the accommodation and quality of the public areas in St James’s.