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Hines strikes deal with Portland Brown for Oxford Street scheme

Hines has secured a pre-lease agreement with housing provider Portland Brown for the residential aspect of its flagship development on Oxford Street, W1.

The homes, which form part of Hines’ mixed-use scheme at 354-358 Oxford Street, have been let to Portland Brown on a 15-year lease. The housing provider specialises in homes for individuals and families coming to London.

Hines had acquired the site, above Bond Street Underground station, from Transport for London on behalf of the Hines European Value Fund earlier this year.

It will offer retail space in the basement, ground and first floors, with the residential element spanning the four upper floors. Works will begin next month.

The residential aspect, called 1 Marylebone Lane, will consist of flats providing one to three bedrooms.

Jake Walsh, director of Hines UK, said: “The scheme will be completed in October 2020 and in the meantime we are progressing exciting plans for the retail space.”

Andrew Brown, managing director of Portland Brown, said: “We have seen significant growth in demand for long-term corporate accommodation in the five-star segment. 1 Marylebone Lane will join a number of other buildings we have on-stream and in our pipeline within this segment to provide our residents with best-in-class homes.”

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