New 5,000 sq ft flagship store created on Oxford Street
today Dec 3, 2019
Hines, the international real estate firm, is looking for a retailer to take over a brand new 5,000 sq ft flagship store it has recently developed on the north side of Oxford Street.
Located above the Bond Street Underground station, the property was previously occupied by Transport for London.
Hines acquired Oxbourne House at 354 Oxford Street earlier this year and will transform it into a mixed-use retail and residential building, with over 5,000 sq ft of retail space across the basement, ground and first floors.
The occupant will benefit from 25 meters of double height frontage in a prominent position in the busiest shopping street in Europe. Its proximity to the underground station is also likely to give it a further boost in footfall when the Elizabeth Line opens in 2021.
Real estate advisers Colliers International and Savills have been drafted in to help find a prime retailer to lease the space. This is located next to the Disney store and Forever 21, which is closing down after filing for bankruptcy in September.
Emme Haycock, asset manager at Hines UK, said: “Oxford Street is one of the most iconic, popular streets in London, visited by over 4 million people each week. It’s rare for a brand-new retail development to arrive on the street so this represents a unique shop window in an unparalleled location alongside the world’s biggest shops and brands.”
The shopping thoroughfare is home to hundreds of national and international brands, with many operating large flagship stores to take advantage of the neighbourhood’s popularity.
And the area is set for a refresh, supported by a £150 million investment from Westminster City Council to build a public piazza at Oxford Circus and more footpath space by 2023.
The improvements were announced after council and the Mayor of London gave Bond Street, Oxford Street and Regent Street an ‘international centre’ status, in an effort to bring a generational shift in how Oxford Street is used.
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