British Land sells Debenhams London flagship building

Property company British Land has confirmed that it has exchanged contracts for the sale of 334-338 Oxford Street, London, which currently houses Debenhams’ flagship store for 400 million pounds.

The seven-storey building, which is located near Bond Street Underground Station in London’s core West End shopping district, will continue to house Debenhams as they have a deal to let the entire building until 2039.

News of the sale comes after British Land also made 11 other long-term leases, including River Island, totalling 50,000 square foot and 2.1 million pounds of rent, since the Brexit referendum result last month.

British Land chief executive, Chris Grigg, said: “The disposal of Debenhams on Oxford Street reflects our strategic focus on multi-let assets within the Retail portfolio. British Land has entered this period of post-referendum uncertainty in a robust position. We have a strong, resilient business with a clear strategy.

“We have a modern portfolio which is well suited to current and future customer needs. The portfolio is 99 percent occupied with a wide range of quality occupiers on long leases.”

Image: courtesy of Debenhams