Planning permission granted for ex-Next Oxford Street site
International real estate firm Hines has secured planning consent from Westminster City Council for the 37,414 square-foot space, to be turned into both retail and office use. The remodelled space, which Hines reckons will be highly sought after, “will retain a significant retail presence at ground and first floor levels”.
Proposed plans will see the retention of the majority of the existing building fabric while reconfiguring and extending the property “to provide best-in-class retail and office accommodation” for the eight-story building, acquired by Hines in February 2020 from Aviva Investors for an undisclosed sum.
Hines managing director Jake Walsh said: “We’re pleased to receive planning consent which gives us the green light to proceed with our exciting plans for this development. It is probably the best micro-location in London’s West End, with Oxford Street and Bond Street among the world’s most iconic and popular retail streets. The two-storey shop fronts will provide a unique shop window for any global brand in an unparalleled location.”
The refurbishment work will begin this summer with completion by spring 2023.
It's all part of the changing face of Oxford Street where retail has suffered during the pandemic with the loss or proposed reduction in a number of well-known locations. This includes the former Topshop store on Oxford Circus as well as the closure of the Debenhams department store.
Copyright © 2022 FashionNetwork.com All rights reserved.