Posts tagged Crown Estate

Major transformation in St James’s area to create new jobs

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.

The Offshore Wind Industry to Reduce Energy Cost

A new report has revealed the UK will reduce the cost of electricity generated by offshore wind by 30 % in the next seven years. 

The report, published by the industry-led Offshore Wind Cost Reduction Task Force, showed evidence that the offshore wind industry can make significant cost reduction in its delivery of 18 GW electricity from wind farms, which is around 20% of UK’s total electricity demand.

The report found the industry could drop delivery cost from £140/MWh today to £100/MWh by 2020, achieving substantial savings of £3 billion per year.
Energy Minister, Charles Hendry, welcomed the announcement by saying: “I am encouraged that this report shows that substantial cost savings can be achieved if action is taken and I welcome this valuable work. I look forward to working closely with industry to take this forward further and deliver these ambitious targets.”

Offshore Wind Cost Reduction Task Force made 28 specific recommendations for the renewable sector to diverse and secure more affordable energy for consumers. The report also encourages industry officials to work more closely with the government for optimising collaboration

Mr Hendry emphasised on the importance of offshore wind farms and their role in securing low carbon energy mix in the future, but he also said that energy costs must come down too.

Andrew Jamieson, Chair of the Offshore Wind Cost Reduction Task Force, said: “To ensure that the UK’s world-leading offshore wind sector expands rapidly over this decade and fulfils its massive potential within the UK’s energy mix, it is vital that costs are reduced. In doing this not only will we reduce risk and drive investment into the sector, we will further protect consumers from increasing energy costs, reduce the industry’s requirement for financial support and deliver jobs and energy security for decades to come.”

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