The Freshwater family has unlocked a £300m Oxford Street development opportunity after acquiring the final piece in an island site jigsaw.
The family’s investment vehicle, Daejan Investments, has bought 137 Oxford Street, W1, for £15m – reflecting a capital value of £7,800 per sq ft.
The purchase of the 1,900 sq ft block from a private landlord means that Daejan now owns the entire strip from Berwick Street to Wardour Street, stretching over six properties.
The firm began assembling the site in 2012 and most recently bought 127 Oxford Street for £18.1m in April 2014.
Subject to planning and consultation with other landlords, West End agents said there was scope for a £300m, 250,000 sq ft mixed-use scheme.
Values at the eastern end of Oxford Street are expected to rise with the arrival of Crossrail.
A spokesman for Daejan said: “This gives us the opportunity to tap into future growth and may provide an opportunity for further enhancement of the asset.”
Souvenirs of London currently occupies 137 Oxford Street on a lease expiring in 2020.
JLL advised the buyer.
jack.sidders@estatesgazette.com
