US investor acquires site from TfL
Wed 16th January 2019, 9:49 am
Transport for London (tfL) has sold a site opposite Bond Street Station on Oxford Street to US investor Hines for £40 million to create a new residential and retail scheme.
The currently vacant site on 354-358 Oxford Street is located next to the Disney store and opposite the exit of Bond Street station, which is being expanded to incorporate the new Elizabeth line.
Hines plans to convert the site into retail space across the basement, ground and first floors and 11 units of one to three-bedroom apartments with an entrance to the residential element of the scheme via Marylebone Lane.
Graeme Craig, director of commercial development at TfL, said: “We are delighted to have concluded this transaction at a prime West End location, which will provide a significant return to reinvest in the transport network. Our investment strategy will continue to see us undertaking a small number of targeted disposals, while we concentrate our own development activity on build-to-rent in outer London to generate ongoing revenue, as well as enabling us to provide high levels of affordable housing.”
TfL will attend the upcoming Sitematch London event on 7 February, to meet with developers. If you’d like to book your place, contact Jake Westhead on 020 7978 6840.