Redevelopment designed to improve street for retailers and the public.
The cost of ambitious redevelopment plans for London’s Regent Street could lead to its owner selling a stake to foreign investors, according to newspaper reports.
The Crown Estate, the Queen’s property company, has owned most of the central London area since the 19th century, but is said to be considering a number of possibilities to fund future initiatives.
Roger Bright, chief executive of The Crown Estate, told The Daily Telegraph that he is considering “radical options” to fund development of the area.
"Going forwards, the Crown Estate will be looking for partnerships and joint ventures with other investors to pursue our ambitions," he added.
Regent Street is home to several jewellers including Carrington & Co, Ciro Pearls, Folli Follie, Mappin & Webb, and Pravins.
The Crown Estate is expected to invest up to £750 million on a scheme that will improve the area for retailers, businesses and the general public.
The company’s proposal for the redevelopment states: “Regent Street is a key destination and must be renowned as a special place by business and customers. The environment must provide comfort and safety to all residents and visitors.
“Regent Street must also continue to provide for a mixture of contrasts, traditional and contemporary, modern business and retail offers.
“Regent Street must remain, in essence, ‘Always Different’ and ‘a place where time is well spent.’”