New Look to open new flagship store on London's Oxford Street
Property investment and developing company Great Portland Estates has announced that it has pre-let a new flagship retail store to British high street fashion brand New Look.
The flagship will be located in GPE's development at 73/89 Oxford Street, W1, with development anticipated to be completed in April 2017. New Look will occupy 31,800 sqft. on the basement, ground, first and second floors and will take a 20 year lease. The retailer will pay a rent of of £3,650,000 per year after receiving 12 months rent free from lease commencement.
The new-build development is located directly opposite the Dean Street entrance to the Tottenham Court Road Crossrail station. The east end of Oxford Street, currently home to a number of low-price and tourist shops, is expected to see significant regeneration ahead of the Crossrail opening in 2018.
Danny Barrasso, UK Managing Director of New Look, said: “We’re very excited to be working with Great Portland Estates to deliver a world class New Look flagship store. This store, in what is going to be a prime retail location, strengthens our position as we continue to grow the New Look brand both in the UK and internationally.”
£1 = $1.52
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