BHS sells Oxford Street lease to Oxford & City Holdings

Struggling British department store group, BHS has sold the lease for its flagship store on Oxford Street to Oxford & City Holdings, in a deal valued at 55 million pounds, according to Estates Gazatte.

News of the sale comes as Polish high-street heavyweight Lubianiec Piechocki Partnerzy (LLP) prepares to move into the unit, as the group signed "a preliminary lease" for approximately 30,000 square feet at the front of the building, reports Retail Week.

The retail group, which currently operates 1,600 stores in 18 countries, aims to bring its largest fashion fascia, Reserved, to the UK. Comprising of womenswear, menswear and childrenswear, prices for the Polish fashion brand range from 5 pounds to a t-shirt to 60 pounds for a parka jacket. LPP's portfolio also consists of fashion labels Cropp, House, Mohito and Sinsay.

Oxford & City Holdings is said to be in current negotiations with Swedish furniture retailer Ikea to rent out the remaining part of the store.