Billionaire Anders Holch Povlsen is buying a major redevelopment opportunity on Oxford Street, W1.
The owner of Bestseller, the Danish fashion company that owns Vero Moda and Jack & Jones, is under offer to buy several Oxford Street buildings from M&G Real Estate for £172m.
The buildings include 3-18 Harewood Place, 14-15 Hanover Square, and 293-297 Oxford Street.
The retail elements, which all have lease events before March 2017, are ripe for reconfiguration into a flagship Oxford Street store, where zone-A rents have hit £1,010 per sq ft this year.
Povlsen already owns the adjoining assets at 301-309 Oxford Street, of which 25,000 sq ft is let to River Island and 15,000 sq ft is let to Aldo.
M&G has drafted plans, including the potential for a 25,000 sq ft shop fronting Oxford Street, which Povlsen could triple if the adjoining ownerships were combined.
Parts of the estate being sold by M&G Real Estate are listed, however, limiting the scope for a comprehensive redevelopment.
CBRE advised M&G Real Estate; Harper Dennis Hobbs acted for Bestseller.
