Our near-term development programme is focused on the East End of Oxford Street, where we are a key player in the area’s regeneration.
Developing into the rapidly improving East End of Oxford Street
The East End of Oxford Street has for many years been a poor relation to the Western End, characterised by tired building stock, small retail units and poor quality retailers, resulting in relatively low rental levels. However, major regeneration is coming. Crossrail is due to complete in 2018 and the new Tottenham Court Road tube station will open in 2016, together creating one of the busiest transport hubs in Europe. As a result, investment in the area is increasing and leading retailers are competing to gain a presence, with Primark and Zara already having leased flagship stores.
We are developing into this resurgent market, helping to regenerate the building stock and upgrade the local environment, while seeking to close the pricing gap with other prime West End locations. We have four near-term development/refurbishment schemes in this micro-location, including Oxford House which we purchased this year and Rathbone Square, our planning consented 411,800 sq ft mixed use scheme. Together, our schemes could provide almost 700,000 sq ft of modern space over the next four years.
What they say…
New transport infrastructure is expected to dramatically increase footfall at the East End of Oxford Street. With Transport for London, we project that by 2026 more than 100 million entries and exits could occur at Tottenham Court Road station each year, a more than threefold increase from today.Alexander Jan Director, Arup
What we say…
With one of the largest development programmes in the vicinity, our activities will drive both the regeneration of the area and returns for our shareholders.Andrew White Head of Development, GPE