Car park behind Oxford Street could be developed for retail
Reef Group, which specialises in urban regeneration, and Savills, the real estate agent, have unveiled plans to transform the three-level, 150,000 sq ft car park built in the '70s beneath Cavendish Square.
They plan to invest at least £150 million in the project to attract tenants, The Daily Telegraph reported.
Stewart Deering, founder of Reef Group, said: “It is an opportunity to deliver a unique space, capitalising on the opening of the Elizabeth Line in 2021. The development will demonstrate what smart design can achieve.”
Whilst multiple challenges continue to hit Britain’s high streets, demand for space on London’s Oxford Street continues to be high, with Flannels and TK Maxx among some of the brands opening flagship stores there this year.
The three-storey development could have an anchor tenant, echoing the approach followed at similar schemes in Battersea (which has Apple as an anchor tenant) and King’s Cross (Google).
Sam Foyle, a director at Savills, said: “We have been approached by a diverse selection of occupiers looking to take the space in its entirety as well as individual floors.”
A consultation has been launched seeking views from those living in the area about the project.
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