- Danielle Wightman-Stone |
New Look has signed up to a 31,800 square foot store at the east end of London’s Oxford Street in a building due to be completed in 2017, showing its commitment to the regeneration of the area.
Great Portland Estates (GPE) who are developing the property confirmed that the fashion retailer will take the basement, ground, first and second floors of the seven-storey building at 73-89 Oxford Street, which is located directly opposite the Dean Street entrance to the Tottenham Court Road Crossrail station.
New Look has agreed a 20-year lease, paying rent of 3.65 million pounds per annum after receiving 12 months rent free from the start of the lease. With GPE confirming that the letting is conditional on them securing a change of use on the second floor from office to retail.
The building is expected to be completed in April 2017, ahead of the Tottenham Court Road Crossrail, which will open 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.”
Toby Courtauld, chief executive of GPE added: “We are delighted to have secured New Look for our latest development at 73/89 Oxford Street, W1. We are creating a world class flagship store for them in this outstanding building, in an increasingly exciting part of Oxford Street. The terms reflect the strong retail prospects in this part of Oxford Street and are positive for GPE’s ongoing and future developments.”
This deal will see New Look having three stores on Oxford Street; it has a four-storey 26,000 square foot store at 203-207 Oxford Street, near Oxford Circus, and one near Marble Arch at 500-502 Oxford Street.