New Look to open new flagship store on London's Oxford Street

By

Cajsa Lykke Carlson

Published
Mar 5, 2015

Property investment and developing company Great Portland Estates has announced that it has pre-let a new flagship retail store to British high street fashion brand New Look.

The flagship will be located in GPE's development at 73/89 Oxford Street, W1, with development anticipated to be completed in April 2017. New Look will occupy 31,800 sqft. on the basement, ground, first and second floors and will take a 20 year lease. The retailer will pay a rent of of £3,650,000 per year after receiving 12 months rent free from lease commencement.

The new-build development is located directly opposite the Dean Street entrance to the Tottenham Court Road Crossrail station. The east end of Oxford Street, currently home to a number of low-price and tourist shops, is expected to see significant regeneration ahead of the Crossrail opening in 2018.

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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.”

£1 = $1.52