AXA Real Estate Investment Managers announces it has received full planning consent for a new £40 million (approx. €50 million) retail-led mixed use scheme on a key Oxford Street site. Additionally, it has acquired the long leasehold of a prime retail terrace in Mayfair, one of London's most exclusive and world renowned districts.
Once completed the mixed use Oxford Street development will provide 20,000 ft² (approx. 2,000 m²) of new modern and flexible retail space, comprising basement, ground and first floors, in London's flagship shopping street. The scheme, composed of the buildings at 149-151 Oxford Street and 59 Berwick Street, as designed by ESA, will maximize the full width retail frontage on Oxford Street in addition to generous floor heights and large display shop fronts.
The project will also provide 9,500 ft² of contemporary grade-A office space, over the second to fifth floors, to the Soho office market, accessed via a secure gated courtyard off Berwick street. The development will also deliver six Soho style apartments fronting Berwick Street over the first to fourth floors.
In addition, an elevated roof garden will be built above the retail space utilizing green technology to create bio-diverse habitats. The development is designed to achieve a BREEAM Excellent Rating and Code 4 for Sustainable Homes. Provided as an amenity space for office tenants, the landscaped gardens will significantly improve the views from the surrounding properties.
Over the years, the site has been subject to a series of disparate developments and was deemed to have a negative impact on the local Soho Conservation Area. This new development aims to bring about integrated and attractive buildings to contribute to the ongoing regeneration of the eastern end of Oxford Street.
Avery Row, a busy and popular pedestrianized thoroughfare and surrounded by three of Mayfair's best known streets; New Bond Street, Brook Street and Grosvenor Street, is a prime retail terrace in a core Mayfair location. Two long leaseholds (of 112 years) have been acquired comprising five retail units, arranged as three single and two double shops, with a frontage of approximately 42 meters as well as highly sought after residential apartments located above. The properties are located in a highly visible position midway along the terrace and benefit from a high volume of shopper and business footfall.
The Oxford Street development and acquisition of leaseholds at Avery Row were both undertaken on behalf of the same client, a large UK-based insurance company who is keen to consolidate its exposure to the property market in London's West End, a sector which has proven to be exceptionally resilient during the recent period of economic instability and continues to provide capital appreciation as well as desirable income returns.
Source: AXA Real Estate