Oxford Street is undergoing a £1.06 billion building boom which is delivering 437 new homes
Oxford Street is being transformed into a residential address say Aston Chase who reveal that the famous retail thoroughfare is currently undergoing a £1.06 billion building boom which is delivering 437 new homes and 84,939 sqft of new format retail outlets on or adjacent to Oxford Street.
The new survey by Aston Chase,undertaken in association with Galliard Homes, a leading developer on Oxford Street, highlights that there are now nine new residential or residential-led mixed use developments on or adjacent to Oxford Street which have a Gross Development Value of £1.06 billion and provide a combined total of 437 private sale apartments and penthouses, alongside 84,939 sqft of new retail outlets and over 365,800 sqft of new office premises.
Aston Chase say that apartments for sale along Oxford Street are typically priced from £950,000 up to £4.5 million, with the highest demand being for apartments priced from £2,000 to £2,500 per sqft, although some apartments on the thoroughfare are priced up to £5,000 per sqft.
The nine residential-led projects changing the face of Oxford Street are Centrepoint, providing 82 apartments and 39,000 sqft of retail space; 5-6 Hanway Place providing 18 apartments; Hanway Gardens, providing 18 apartments; TCRW SOHO (Tottenham Court Road West Soho), providing 92 apartments and 9,939 sqft of retail space; 37 Rathbone Place, providing 140 apartments and 242,800 sqft of office space; 5 Berners Street, providing 6 apartments; 103-109 Wardour Street, providing 15 apartments and a health club/gym; Verge Mayfair, providing 12 apartments; and Marble Arch Place, providing 54 apartments, 36,000 sqft of retail space and 123,000 sqft of offices.
Aston Chase say that the majority of this new residential-led development has taken place in the last five years although the first new homes development on Oxford Street during the 21st century dates back to 2012 when developer Oakmayne Bespoke launched Verge Mayfair, a scheme of 12 apartments fronting onto Oxford Street, priced from £950,000.
Other notable dates are the announcement of the £400 million 17 storey Marble Arch Place project in 2013, the launch of the £350 million 33 storey Centrepoint scheme in 2015 and the unveiling of £140 million TCRW Soho at the end of 2019.
Aston Chase reveal that the large residential developments on Oxford Street, providing over 50 apartments, are being built by large corporate developers or landowners such as Galliard Homes, Almacantar and Great Portland Estates. The smaller projects, providing between 6-18 apartments, are being built by specialist bespoke developers such Oakmayne Bespoke, Frogmore and Princeton Property Partners.
Aston Chase observe that many of the new residential schemes have replaced former commercial uses, 37 Rathbone Place was formerly a Post Office Sorting Complex, Wardour Street was once the Pathe Film HQ whilst Centrepoint and Verge Mayfair were formerly office buildings.
Aston Chase say that over the next 5-10 years Oxford Street will become one of Prime Central London’s most sought-after residential addresses. These new luxury schemes are transforming Oxford Street and its surrounding lanes into a residential destination alongside new retail outlets designed as entertainment venues and brand ambassadors rather than traditional retail sales spaces.
Aston Chase observe that pedestrianisation, Crossrail and Electric vehicles are the three major ‘game changers’ for Oxford Street, making the West End a cleaner, much less congested and quieter place to live.
Oxford Street is 1.2 miles (1.9km) long, running from Tottenham Court Road to Marble Arch via Oxford Circus. Aston Chase say that despite the surge in residential development, and general decline in retail, Oxford Street remains Europe’s busiest shopping street, with 248 shops, 14 of which are vacant, and half a million daily visitors.