British Land acquires share in £54m mixed-use Oxford Street scheme

London-headquartered British Land has acquired a 25 per cent share of mixed-use scheme West One.

It is a 92,000 sq ft development on London’s Oxford Street, going for £54.25m.

As part of the agreement, Norges Bank Investment Management will continue to own 75 per cent and British Land will assume responsibility for the asset management and any future development.

West One comprises an even mix of office and retail space, both fully let, and sits at the entrance to Bond Street station in London’s West End.

Darren Richards, head of real estate at British Land, said: “West One is an extremely well located, mixed-use scheme, with great future potential. Crossrail will bring even more people to the site and help connect it to our London campuses.

“The acquisition reinforces our strategy of building an increasingly mixed-use business and working with global investors, in this case Norges Bank Investment Management, who we’re delighted to be extending our relationship with.”

Once Crossrail opens, West One will be linked to British Land’s existing mixed-use assets. These include: Broadgate; Paddington Central; and Ealing Broadway.