US-based Thor Equities has acquired a retail and residential property on London's Oxford Street, near a planned Crossrail station which is tipped to increase the number of commuters moving daily through the area by 245%.
US-based Thor Equities has acquired a retail and residential property on London's Oxford Street, near a planned Crossrail station which is tipped to increase the number of commuters moving daily through the area by 245%.
Thor Equities, a global urban real estate development, leasing and management business, announced on Friday that it had closed on its acquisition of 105-109 Oxford Street, also known as the Beaver Building.
The seven-storey property includes 15.5 metres of frontage and more than 1,000 m2 of retail space on the ground floor, currently occupied by Footlocker and Tiger Retail. There is 1,400 m2 of high-end residential space on the upper levels.
105-109 Oxford Street is located on one of the busiest streets in London, adjacent to the future Crossrail Tottenham Court Road station.
Opening in 2018, the £14.8 bn (€20.5 bn) Crossrail train line is Europe’s largest infrastructure project. Thor Equities cites a recent article in the Wall Street Journal newspaper which states that Crossrail will raise the number of commuters to this section of Oxford Street from 87,000 a day last year to over 300,000 by 2026.
'105-109 Oxford Street will benefit from the addition of 8,400 square metres of luxury residential development above the Crossrail station, along with further residential, commercial and retail development in the area,' said Joseph Sitt, CEO of Thor Equities. 'Already, Zara has leased a nearby location on Oxford Street for a new 3,250 m2 flagship store.'
Thor Equities’ purchase of 105-109 Oxford Street continues its recent international expansion. The company’s European holdings include 102 Avenue des Champs-Elysees, 51-53 Boulevard Haussmann and 65-67 Avenue de Champs-Elysees in Paris, as well as the Burlington Arcade in the heart of London’s Mayfair.