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The Crown Estate is one of London’s biggest landlords, owning Regent Street and much of St James’. The portfolio is currently at its highest value in the company’s history, at a huge £11.5 billion, which is a 16% increase from 2014. The portfolio benefits from having desirable properties: all the retail units in the West End are currently let.
The Crown continues to grow, by contributing to almost half of the new build office space in the West End, which totals approximately 38,000 square foot. As a result of office space in popular locations such as the West End having less than a 4% vacancy rate, a lot of the new build will be pre let.
Eugene O’Sullivan, a Chartered Surveyor and Director at Morgan Pryce, says: “As an acquisition agent that specialises in the West End market I often acquire space from The Crown for clients. The benefit for tenants is having a well-known and experienced landlord so you can be sure the properties will be well maintained and looked after”.
The portfolio has doubled in value in the last 10 years, due to the growing demand for commercial space and both the income and values of the properties increasing. The portfolio also includes shopping parks and land that is used for residential purposes.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.