Oxford Street gains new global real estate firm following TfL acquisition
International real estate firm, Hines has acquired 354-358 Oxford Street, 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 HEVF’s fifth acquisition in the last 12 months.
Hines will deliver retail space across the basement, ground and first floors. Above the retail element, Hines will create 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.
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.”
The new Bond Street station entrance and the opening of the Elizabeth Line are said to improve connectivity for both the consumers visiting the asset’s forthcoming retail areas and its future residents.
The upgrade of Bond Street Tube station provides step-free access for the first time at the station.
Paul White, HEVF fund manager, added: “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.”