IKEA has bought the former Topshop flagship store for £378m on Oxford St.
The 214 Oxford St store was formerly owned by Arcadia, before the demise of fashion brands Topshop and Topman.
Now, the Swedish-origin furniture giant is set to open up in autumn 2023, after the site was bought by Ingka Investments, the investment arm of Ingka Group.
The joint administrators of Redcastle (214 Oxford Street) Limited, Ed Boyle and Steve Absolom from Interpath Advisory, agreed the sale
The transaction of the 239,000 sqft property is expected to complete in January 2022.
Ed Boyle, managing director at Interpath Advisory and joint administrator of Redcastle (214 Oxford Street) Limited, said: “We are delighted to have exchanged contracts on this iconic property, which sits at the cornerstone of London’s principal retail district.
“As shoppers, workers and tourists return to central London following the pandemic, IKEA’s presence in Oxford Circus will help further boost footfall and provide a real fillip for the city’s retail sector.”