// New development will bring 30,000sq ft of new retail space in and around Oxford Street
// Daejan Investments given planning approval for the project that covers 127-143 Oxford Street
// Project will cost £300 million
An extensive new development will introduce 30,000sq ft of new retail space in and around London’s Oxford Street with a green light having just been given for a £300 million project.
Investment firm Daejan Investments, which is controlled by the Freshwater family, has just been given planning approval for the development that covers 127-143 Oxford Street as well as part of Berwick and Wardour streets, Property Week reported.
The project involves having to demolish and redevelop six buildings, and the construction of 60,000sq ft of offices, as well as 30,000sq ft of retail space and a 9000sq ft nightclub.
The Freshwater family has owned property in the area since the 1960s, but only acquired these properties in 2012.
It bought the address 137 Oxford Street from Carnaby Properties for £18 million in 2015, as its portfolio in the area was described as “the best remaining development opportunity on the east of Oxford Street”.
While in close proximity to Oxford Circus, the area that is due to be redeveloped is closer to and is in the less popular end of the UK’s premier high street than the part of the street that has the big department stores and major international retailers.
However, development linked to the Crossrail project has bolstered the appeal of this part of the street, while the growth of shopping in and around Soho has had a positive knock-on effect.