The revamp of the eastern end of Oxford Street and the imminent arrival of Crossrail has sparked a flurry of property deals this year, with investors flocking to get a slice of London’s busiest shopping street.
According to CBRE, seven record-breaking transactions totalling £645m have taken place since January, of which five were undertaken off-market.
The property firm’s head of retail Phil Cann believes that deal volumes for Oxford Street could top £1bn by the end of the year if West One Shopping Centre finds a buyer.
“As long as competitive tenant bidding continues to push rental tones, underpinning investor demand, we see no signs of the market slowing. This trend is set to continue with a number of further sales in the pipeline,” he said.
Some of the deals to date include Zara’s billionaire founder Amancio Ortega buying a development at 26-48 Oxford Street from property companies Land Securities and Frogmore through his investment vehicle Ponte Gadea for around £400m.
Hong Kong based Emperor Group bought 25-27 Oxford Street in an off-market deal for £35.5m while a private UK investor also paid £23.1m for the 386 Oxford Street home of Dr Martens.