Mike Ashley’s Sports Direct has bought the freehold of 161-167 Oxford Street and 36 Poland Street, W1, for £108m.
It has bought the asset from Aviva Investors, and plans to redevelop it into retail and office space.
The retail element, which will extend over the ground, lower ground and first floors, will be home to the new designer fashion retailer Flannels’ flagship store, and it will move its London office from New Cavendish Street into the office element.
The building is around 35,000 sq ft, and planning is in place to add another 5,600 sq ft of space to the property.
The transaction is expected to complete by the end of the month.
CBRE acted for Aviva; Sports Direct was unrepresented.
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