Sports Direct acquires Oxford Street freehold for Flannels

British sportswear chain Sports Direct has acquired the freehold to a property on the corner of 161 - 167 Oxford Street and 36 Poland Street in London for the sum of 108 million pounds. The sporting goods chain, owned by billionaire Mike Ashley, is set to convert the location into a flagship store for its premium multibrand retailer Flannels.

Sports Direct acquired the property from CIP Property, a nominee of Aviva Investors, and aims to use the office space above the store as its new London-base, replacing its former head office at New Cavendish Street. The acquisition, which is set to be completed by the end of the month, is said to be funded by a combination of the company's current resources and the group's bank facility.

The sportswear retailer first acquired a majority stake in Flannels four years ago for an undisclosed sum, as it looks to expand its premium lifestyle division.