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Property sales on Oxford Street could hit £1bn in 2015

Property sales on Oxford Street could reach £1bn by the end of the year, according to property agent CBRE.

The forecast comes after £645m worth of buildings changed hands in seven deals during the first five months of the year, according to the Evening Standard.

In April, Zara founder Amancio Ortega bought a stretch of buildings on the eastern end of Oxford Street for more than £400m.

The Dr Martens store at number 386 was bought by a private UK investor for £23.1m, setting a new record for price per square foot at £9,156.

Russell & Bromley’s flagship at numbers 494-496 is on the list of properties expected to be sold before the end of 2015.

CBRE head of retail Phil Cann said: “As long as competitive tenant bidding continues to push rental tones, underpinning investor demand, we see no signs of the market slowing.”

@LukeToddUK

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