Retail-to-office schemes promise ‘generational change’ for Oxford Street
More than 1.3m sq ft of new office space is set to bring “generational change” to Oxford Street, W1, in the coming years – not least because almost three-quarters of the space will replace shops.
New research from Savills has tracked 1.32m sq ft of offices planned for delivery along the street over the next five years. Of that total, 960,000 sq ft will be retail-to-office conversions.
Among the most notable schemes on the horizon are Sirosa’s redevelopment of the former House of Fraser, available from the third quarter of 2024; Ramsbury & Capital Real Estate’s conversion of the former Debenhams store, due to complete in late 2024; Derwent London’s Holden House, expected in 2027; and M&G’s redevelopment of the former Next store on Wells Street, due in 2024.
More than 1.3m sq ft of new office space is set to bring “generational change” to Oxford Street, W1, in the coming years – not least because almost three-quarters of the space will replace shops.
New research from Savills has tracked 1.32m sq ft of offices planned for delivery along the street over the next five years. Of that total, 960,000 sq ft will be retail-to-office conversions.
Among the most notable schemes on the horizon are Sirosa’s redevelopment of the former House of Fraser, available from the third quarter of 2024; Ramsbury & Capital Real Estate’s conversion of the former Debenhams store, due to complete in late 2024; Derwent London’s Holden House, expected in 2027; and M&G’s redevelopment of the former Next store on Wells Street, due in 2024.
The agency said a record level of live requirements for 100,000 sq ft-plus offices suggest take-up for such schemes will be rapid, with Palantir, Condé Nast and Evercore all hunting for space in the area.
Andrew Wedderspoon, director in the West End office agency team at Savills, said: “While the area has been hard to imagine as a genuine office submarket until now, the sheer volume of space available for conversion is a once-in-a-generation moment to transform the street and attract those larger occupiers who may otherwise be pushed out of the West End due to a lack of opportunity.”
Speaking at last week’s Westminster Property Association lunch, Derwent chief executive and WPA chairman Paul Williams described Oxford Street as “a bellwether for the health of the West End” but warned that its reputation was being damaged by “sub-standard retail offerings” such as American candy shops.
“This is meant to be the nation’s high street,” Williams said. “It needs curating and managing properly.”
He added: “Ambitious, bold plans will make Oxford Street and the surrounding district a place we can all be proud of and drive the economic activity and jobs needed to deliver social prosperity across the city which is required.”
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