US-based privately held developer-investor Hines has acquired a prime site on Oxford Street in London on behalf of the Hines European Value Fund (HEVF) from Transport for London.
Financial details were not disclosed.
The asset, situated at 354-358 Oxford Street, is located above the Bond Street Underground station entrance. It represents HEVF's fifth acquisition in the last 12 months.
'Securing one of the most sought-after prime locations in the West End of London represents a milestone transaction for Hines, demonstrating our capability to source and convert the most attractive opportunities in an incredibly competitive market,' said Jake Walsh, director of Hines UK. 'We look forward to delivering a prestigious scheme in keeping with its location.'
Hines said it would create retail space across the basement, ground and first floors, plus residential accommodation across the four upper floors. Fletcher Priest has been selected as the lead architect.
The residential areas will be configured into 11 units of one to three-bedroom apartments with an entrance to the scheme via Marylebone Lane.
'The acquisition of 354-358 Oxford Street is another example of HEVF’s commitment to focus only on the best micro-locations within its target markets,' said Paul White, HEVF fund manager.
'The mixed-use components of this new project offer the fund strong downside protection during uncertain macroeconomic times. HEVF is thrilled to acquire its first asset in London and looks forward to acquiring additional compelling value add assets in the city in the near future,' White concluded.
'We are delighted to have concluded this transaction at a prime West End location, which will provide a significant return to reinvest in the transport network. Our investment strategy will continue to see us undertaking a small number of targeted disposals whilst we concentrate our own development activity on build to rent in outer London to generate ongoing revenue as well enabling us to provide high levels of affordable housing,' added Graeme Craig, director of commercial development at TfL.
