The retail space in the £600m Oriana development is close to being fully let as the rejuvenation of the east end of Oxford Street, W1, continues.
Footwear brand Sketchers is looking to take the largest available slot, an 8,000 sq ft shop, paying around £1.2m a year.
Shirt brand Hawes & Curtis is making its debut on Oxford Street, taking a 6,000 sq ft shop next to Schuh at number 36 and paying around £1m a year. It currently has shops in upmarket areas including King’s Road, SW3 and Jermyn Street, SW1.
Make up brand Kiko Milano is also agreeing terms for its first shop on the street, a 1,000 sq ft space at number 48 on the corner of Hanway Street, on a 10-year lease, and paying an annual rent of around £600 sq ft zone A.
A £450m sale of phase one of Land Securites’ and Frogmore’s 211,000 sq ft Oriana estate, which includes property between 6-17 Tottenham Court Road and 50 Oxford Street is being negotiated with Spanish billionaire Amancio Ortega.
The development is scheduled to complete in 2016, with Frogmore continuing to manage the asset in the meantime.
The arrival of Primark and then Zara’s new flagship to the east end of the street has prompted more retailers to invest in the area.
BC Retail partner Erol Ezen declined to comment on the deal, but said: “Over a short period of time this section of Oxford Street has changed beyond all recognition. Oxford Street east continues to be the place where retailers are focused most and I will not be surprised at all to see £750 zone A being paid and this could now be just around the corner.”
Savills director of central London retail Sam Foyle said: “These deals happened within a very short time of Zara opening. Retailers now want to be represented on the East end of the street as well as close to the circus as footfall is due to increase by 150% with the arrival of Crossrail.”
BC Retail advised Frogmore and Land Securities; Harper Dennis Hobbs acted for Sketchers; Nash Bond represented Hawes & Curtis.
