Sports Direct bags Oxford Street address for high end retailer Flannels

Catherine Neilan
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Kenzo : Backstage - Paris Fashion Week Womenswear Fall/Winter 2016/2017
Flannels stocks Kenzo and a number of other high-end designer names (Source: Getty)

Times might be tough for Sports Direct at the moment, but that isn't stopping the business splashing the cash - specifically on a shiny new property on Oxford Street.

The premises, at 161-167 Oxford Street and 36 Poland Street, has been acquired freehold from CIP Property, a nominee of Aviva Investors for £108m.

Sports Direct said intends to redevelop the property into a new Flannels flagship store. Flannels is Sports Direct's higher end retail fascia, which sells brands including Gucci, Dolce & Gabbana, Moncler, Jimmy Choo, Stone Island and Kenzo.

The office space above will be turned into the group's new London office, replacing its previous home at New Cavendish Street.

Sports Direct said the acquisition would be funded from a combination of its existing resources and its bank facility.

The deal is expected to complete by the end of this month.

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