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BHS mulls sale of Oxford Street flagship

Struggling department store BHS has appointed property agency Cushman & Wakefield to examine options for its Oxford Street store.

The retailer is considering plans to raise as much as £89m by subletting and then offloading its flagship, The Sunday Times reported this weekend.

A brochure circulated to prospective buyers said the leasehold would be worth between £81.3m and £88.8m if the store were split and sublet to other retailers.

However, Abu Dhabi’s royal family, which already owns the freehold, is tipped as the most likely buyer and sources told the newspaper it is unlikely to pay that much. It is thought to have offered Sir Philip Green £25m for the site before he sold BHS for £1 in March.

In June, Dominic Chappell who led the BHS buyout, claimed the shop was losing £1m a year.

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