New Look has agreed to take a 31,800 sq ft store on the eastern end of London’s Oxford Street in a building due to be completed in April 2017.
The fast-fashion retailer will take the basement, ground, first and second floors of the seven-storey building at 73-89 Oxford Street, which is being developed by property firm Great Portland Estates. It is opposite the Dean Street entrance to the Tottenham Court Road Crossrail station, which will open in 2018.
The fast-fashion chain has agreed a 20-year lease, paying rent of £3.65m per annum after receiving 12 months rent free from the start of the lease. The letting is conditional on GPE securing a change of use on the second floor from office to retail.
There is another flagship store of 15,300 sq ft available in the same development. The site was previously occupied by Oxford House, which included five retail units with offices above.
New Look UK managing director Danny Barrasso said: “This store, in what is going to be a prime retail location, strengthens our position as we continue to grow the brand both in the UK and internationally.”
New Look refurbished its four-storey 26,000 sq ft store at 203-207 Oxford Street, near Oxford Circus, last November. It also has a store at 500-502 Oxford Street, near Marble Arch.