Some 3m sq ft of retail and office space is either in the pipeline or under construction on Oxford Street, W1, according to new research.
Findings from CBRE show that 10 core developments alone will deliver 1m sq ft of repurposed retail, food and beverage and leisure space.
Researchers at CBRE also found that retailers along the street will enjoy a base rate fall of up to 40% in prime spots as part of the upcoming rates revaluation.
CBRE pointed to “renewed confidence” in the shopping area, with recent investment deals including the sales of Selfridges on Oxford Street, Fenwick on New Bond Street, The Royal Exchange in the City and Foyles on Charing Cross Road to international investors. London retail investment volumes totalled £2.7bn during 2022.
Phil Cann, head of London retail at CBRE, said: “The transformation of Oxford Street is well underway, and the scale of the development pipeline is a clear indicator of landlords’ commitments to investing in the street.
“The proximity of a new business district and Elizabeth line access is set to significantly strengthen the long-term legacy created for occupiers, tourists and shoppers at the retail destination.
“With rebased capital values and the prospect of rental growth, the investment rationale for Oxford Street is compelling. As both occupier and investor confidence continues to grow, we anticipate a higher number of transactions this year.”
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