Savills launches 52,000 sq ft of retail space at former Oxford Street Debenhams
Savills, appointed by Ramsbury Oxford and development adviser Capital Real Estate Partners, is launching a flagship retail space at the former Debenhams department store on London’s Oxford Street.
The space at 340 Oxford Street will span 52,500 sq ft of double height space across ground, basement, and first floors.
Nearby retailers include Zara, Abercrombie & Fitch, Uniqlo, Mango, Pandora, Disney, and Maniere De Voir.
Research from Savills also found that retailers on Oxford Street have invested approximately £118m over the past 12 months into the fit out of their stores, including Nike, New Balance, Bershka, Massimo, Moss Bros, and Vans.
The space comes to market at a time when there is limited amounts of new stock with vacancy rates at a record low. Savills’ latest central London retail leasing research reveals a reduction in vacancy rates for Oxford Street, which fell to 1.35% at year-end, its lowest level since before the pandemic.
Sam Foyle, co-head of Global Retail at Savills, said: “340 Oxford Street is the largest flagship retail unit to debut in the capital in years, and we have already experienced significant interest from world-class brands. The retail space, which can be divided into various configurations, ensures flexibility to meet demand accordingly. Such a once-in-a-generation opportunity will undoubtedly further elevate Oxford Street’s status on the global stage.”
As well as retail space, the property will also provide 280,000 sq ft of Grade A workspace and 13,000 sq ft of landscaped terraces.