Oxford Street property sales set to hit 1 billion pounds in 2015

That prime retail locations are high in demand in London is no secret, but as prices continue to rise property sales on Oxford Street are set to reach the 1 billion pound mark by the end of this year, according to property agent CBRE.

The agent forecast comes after 645 million pounds worth of real estate was exchanged throughout the first five months of the year, including Spain's richest man Amancio Ortega property vehicle Ponte Gadea purchasing properties on Oxford Street for 400 million pounds, according to the Evening Standard. A private UK investor reportedly paid a record breaking 23.1 million pounds for Dr. Martens store at 386, setting a new record for price per square foot at 9.156 pounds.

"As long as competitive tenant bidding continues to push rental tones, underpinning investor demand, we see no signs of the market slowing," commented Phil Cann, the head of retail at CBRE. Real estate properties currently on the market which are predicted to be sold before the end of 2015 include Russell & Bromley's flagship near the Bond Street underground station with a 55 million pound price tag and the West One Shopping Center, with an asking price of 240 million pounds.