Property deals on London's Oxford Street could reach £1bn
Oxford Street, the popular shopping area in central London, has seen a number of record-breaking retail transactions already this year. Since January, £645m has been transacted in seven deals.
CBRE, the property firm, predicts that deals could reach £1bn by year-end, as pricing on the street is now at a record high.
Phil Cann, Head of Retail at CBRE said: "As long as competitive tenant bidding continues to push rental tones, underpinning investor demand, we see no signs of the market slowing. This trend is set to continue with a number of further sales in the pipeline. Transaction volumes for Oxford Street could top £1 billion by year end with the announced sale of West One Shopping Centre."
Pricing is fuelled by off market deals, like Hong Kong-based Emperor Group's purchase of 25-27 Oxford Street for £35m. The highest ever price per square foot on Oxford Street of £9,156 was achieved on the £23.1m off-market sale of 386 Oxford Street, let to Dr Martins, CBRE says.
This year, three of the seven properties traded on Oxford Street were purchased by new entrants to the street, as the marketplace becomes increasingly global and diverse.
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