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West One, the shopping centre situation above the Bond Street Tube station, is on the market for £240 million.
The site, on Oxford Street, amounts to around 0.75 acres, and has over 47,000 square feet of retail space, with an annual footfall of 18 million visitors.
The centre also has one of the highest rents on Oxford Street, with The Toy Store having agreed to pay £925 per square foot for a store there last year. This was the first UK site of The Toy Store, a Middle Eastern company, and is close to its natural competition, Hamleys.
However, the record rent for the street has been outdone by Watches for Switzerland’s lease at 439–451 Oxford Street, a 20-year lease for £950 per square foot.
The West One sale will also include 44,500 square feet of office space, which are schedule for refurbishment over the coming years, to coincide with the Crossrail link launch in 2018.
It is anticipated that West One’s prime retail site will attract much interest from both UK and overseas buyers, at a time that demand for such retail and office space continues in an upward direction.
The centre contains high street names, including Marks & Spencer Food and Boots, as well as lesser-known names such as Simit Sarayi, a Turkish bakery following on from its success in New York City.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.