More than 20% of London’s Oxford Street now owned by Hong Kong Investors
More than half of all stores on Oxford Street are now owned by overseas investors, 21.1% of which are owned by investors from Hong Kong. The data comes as Savills reveals that Hong Kong ownership on East Oxford Street has risen by 66.7% in the last two years, partly due to occupational demand linked to the Crossrail development at Tottenham Court Road.
When the Crossrail project is complete, Tottenham Court Road will be one of London’s busiest stations, with more than 200,000 passengers passing through every day. This has boosted international ownership on East Oxford Street, growing from 22.2% to 41.9% since December 2014, according to Savills.
But the Crossrail project is not the only factor contributing to the growing appeal of the east end of Oxford Street. The possible pedestrianisation of the shopping street and the volume of new office development are also likely to be attracting overseas investors to the area.
After Hong Kong, the next largest share of non-UK owned stores on the street is held by investors from Ireland (15.8%), followed by Spain (14.9%), Abu Dhabi (8.8%) and Qatar (7.9%).
Increased international ownership will be “a good thing for the street, bringing with it investment and value add initiatives which in turn attract new retailers,” commented Marie Hickey, retail research director at Savills.
“The internationalisation of Oxford Street's retail offer has gone hand in hand with that of its ownership,” added Sam Foyle, Oxford Street specialist.
“What is really interesting is the increasing appeal of the eastern end of Oxford Street to international buyers. Obviously the Crossrail story is compelling, but factor in the possible pedestrianisation and the volume of new office development envisaged for that end of the street, and it is apparent that the footfall and spend dynamics is set to receive a real boost. This is attracting the retailers and in turn the investors.”
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