Hines, the international real estate firm, has acquired 354 – 358 Oxford Street, a prime asset located above the Bond Street Underground station entrance on the north side of Oxford Street and in the heart of London’s West End on behalf of the Hines European Value Fund (HEVF).
Hines’ UK team advised HEVF on the acquisition of 354-358 Oxford Street which was sold by Transport for London and is notably HEVF’s fifth acquisition in the last 12 months.
Hines will deliver best-in-class retail space across the basement, ground and first floors. The detached nature of the building offers excellent prominence for the 25 metres of frontage in what is a prime Oxford Street location directly opposite the main Bond Street Tube station exits. Above the retail element, Hines will create high quality residential accommodation across the four upper floors.
The residential areas will be configured into 11 units of one to three-bedroom apartments with an entrance to the scheme via Marylebone Lane. Fletcher Priest has been selected as the lead architect for this dynamic mixed-use project.
The new Bond Street station entrance and the opening of the Elizabeth Line will improve connectivity and be attractive for both the consumers visiting the asset’s forthcoming retail areas and its future residents.
The upgrade of Bond Street Tube station, which included the opening of the new entrance and ticket hall on the north side of Oxford Street, provides step-free access for the first time at the station and enables shoppers, workers and visitors to the capital to enjoy quicker, easier and more comfortable journeys due to increased capacity.
Jake Walsh, Director of Hines UK, said: “Securing one of the most sought-after prime locations in the West End of London represents a milestone transaction for Hines, demonstrating our capability to source and convert the most attractive opportunities in an incredibly competitive market. We look forward to delivering a prestigious scheme in keeping with its location.”
Paul White, HEVF fund manager, remarked, “The acquisition of 354-358 Oxford Street is another example of HEVF’s commitment to focus only on the best micro-locations within its target markets. The mixed-use components of this new project offer the fund strong downside protection during uncertain macroeconomic times. HEVF is thrilled to acquire its first asset in London and looks forward to acquiring additional compelling value add assets in the city in the near future.”
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 whilst we concentrate our own development activity on Build to Rent in outer London to generate ongoing revenue as well enabling us to provide high levels of affordable housing.”