Recent data gathered by global real estate advisor, CBRE, showed circa three million square feet of retail and office space either in the pipeline or under construction on London’s Oxford Street.
Together, ten core developments are set to deliver one million square feet of modern re-purposed retail, food and beverage, and leisure accommodation. This will transform the street and provide new flagship stores which are aligned to current retail requirements and increased interest from occupiers.
Retailers along the street will benefit from lower occupational costs following the recent rating revaluation announcement, with CBRE’s research identifying a base rate fall of up to 40 per cent for prime Oxford Street.
Phil Cann, Head of London Retail at CBRE said: “The transformation of Oxford Street is well underway, and the scale of the development pipeline is a clear indicator of landlords’ commitments to investing in the street. The proximity of a new business district and Elizabeth Line access is set to significantly strengthen the long-term legacy created for occupiers, tourists and shoppers at the retail destination.”
