Oxford House is situated at the eastern end of Oxford Street, one of the world’s most popular retail streets. High-quality retail units at this end of the Street are in strong demand ahead of the opening of Crossrail in 2019. As a result, new modern retail units command premium rents.
We originally secured planning consent to refurbish Oxford House to allow us to provide Facebook with additional option space at the adjacent Rathbone Square, W1 which they had pre let. Facebook ultimately did not exercise their option which provided an opportunity for us to revisit our plans.
In April 2018, we received planning permission for a new build scheme. The new consent improves upon both the scale and quality of the building that could be delivered under our previous consent for a refurbishment. It will provide around 116,000 sq ft of new Grade A space comprising 78,100 sq ft of offices and 37,900 sq ft of retail, an increase of around 30% on the refurbishment scheme. Moreover, the improved quality should deliver higher rents, with the overall ERV of the scheme up nearly 40%, and the modern retail units targeted to meet the strong occupier demand.
West End - North