John Lewis’s efforts to raise £150m by selling a chunk of its Oxford Street flagship have been delayed.
Last year, John Lewis picked a joint venture between the developer Hines and Korea’s National Pension Services as preferred bidder for a project to convert the upper floors of the Oxford Street into offices.
The bidders were reportedly willing to pay £150m for the portion of the building, which was touted as having an eventual value of as much as £750m once developed into offices. However, rising interest rates and falling property values have derailed the deal.
John Lewis is understood to remain in contact with Hines and other developers over the project, which has been delayed rather than abandoned.
