BHS sells Oxford Street flagship lease
today Apr 5, 2016
BHS is leaving its Oxford Street flagship store after nearly 40 years in the space. According to reports, the long leasehold has been bought by Oxford & City Holdings in a deal understood to be around £55 million, while the unit’s next tenant will be Polish retailer LPP, who has signed a preliminary agreement for a 10 year lease.
Taking the unit in the fourth quarter of 2017, LPP plans to use the store the sell clothing and accessories under its fashion brand Reserved. No further information has been provided about the exact area involved in the preliminary agreement, but it is said to be only a part of the premises.
British Department Stores group BHS recently won support for a CVA, a company voluntary arrangement, to rescue the business without going into Administration. The company will try to renegotiate the rent of its loss-making stores and resolve some of its other issues.
The announcement comes a year after the group was bought out by Retail Acquisitions from billionaire businessman Philip Green.
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