Green light for plan to add 30,000 sq ft of Oxford Street retail space
A major new development will see 30,000 sq ft of new retail space being added in and around Oxford Street with the green light having just been given for a £300 million project.
Daejan Investments, the investment firm controlled by the Freshwater family, has just been given planning approval for the scheme that covers 127-143 Oxford Street as well as part of Berwick Street and Wardour Street.
The scheme will involve the demolition and redevelopment of six buildings and will include the construction of 60,000 sq ft of offices, plus that 30,000 sq ft of retail and a 9,000 sq ft nightclub, Property Week reported.
The family has owned property in the area since the 1960s but started actively acquiring the properties that make up the site back in 2012. Back when it bought the last adress, 137 Oxford Street from Carnaby Properties for £18 million in 2015, its portfolio in the area was described as “the best remaining development opportunity on the east of Oxford Street”.
While close to Oxford Circus, the area to be redeveloped is also closer to the less desirable end of Britain’s premier shopping thoroughfare than the part of the street that houses the big department stores and major international chain flagships.
But development connected to the Crossrail project has boosted the appeal of this part of Oxford Street while the growth of shopping in Soho generally has also had a positive knock-on effect.
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