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Sports Direct stumps up £108m for prime Oxford Street property

UK sportswear retailer Sports Direct has announced the acquisition of a new Oxford Street freehold for £108m.

The property, which is located at 161-167 Oxford Street and 36 Poland Street in London, is to become a new FLANNELS.com flagship store, with the office space above becoming the retail group’s new London office as it makes the jump from its current base at New Cavendish Street.

In a statement to the London Stock Exchange this morning, the retailer announced the acquisition of the freehold from CIP Property with an expected completion by the end of April.

FLANNELS is Sports Direct’s luxury clothing retailer, carrying brands such as Dolce & Gabbana and Hugo Boss, with nine outlets across the country.

The acquistion comes off the back of a difficult few months for the embattled Mike Ashley-owned Sports Direct, with revelations about working conditions and pay at the sports retailer’s warehouses causing the firm to drop out of the FTSE 100 as its value has plummeted.

Global law firm Dentons, lead by real estate partner Andrew Henderson, advised Sports Direct on the deal.