AXA Real Estate Investment Managers has received full planning consent for a new £40 mln (EUR 50 mln) retail-led mixed-use scheme on a key Oxford Street site.
AXA Real Estate Investment Managers has received full planning consent for a new £40 mln (EUR 50 mln) retail-led mixed-use scheme on a key Oxford Street site.
Once completed, the Oxford Street development will provide 20,000 sq ft of new retail space, as well as 9,500 sq ft of Grade A office space. The development is designed to achieve a BREEAM Excellent Rating and Code 4 for Sustainable Homes.
Additionally, it has acquired the long leasehold of a prime retail terrace in Mayfair, London. 4-10 Avery Row comprises 3,800 sq ft of prime retail space across five units with high-quality residential apartments above.
The Oxford Street development and acquisition of leaseholds at Avery Row were both undertaken on behalf of the same client, a large UK-based insurance company.
'Opportunities to acquire prime retail premises in Mayfair are rare, so we are a pleased to have acquired this attractively sized lot, which we believe will provide us with a great opportunity to demonstrate our asset management expertise. These acquisitions demonstrate our ability to help our clients achieve their goals, in this instance expanding their portfolio in a part of London which has consistently demonstrated excellent returns during the downturn,' commented Anne Kavanagh, Global head of Asset Management at AXA Real Estate.
