Norges swoops on £240m Bond Street tube shopping centre

Norway’s sovereign wealth fund is the frontrunner to buy the shopping centre above Bond Street tube station for more than £240m.

Orchard Street Investment Management instructed JLL in May to sell the 90,000 sq ft three-level shopping centre called West One including 44,500 sq ft of offices – known as 75 Davies Street.

Norges Bank Investment Management is thought to have fought off competition from Thor Equities, Grosvenor Estates and Great Portland Estates.

The property occupies a virtual island site of 0.75-acres fronting onto Oxford Street and comprises more than 47,000 sq ft of retail space with an annual footfall of 18 million people.

Orchard Street secured a record rent for the street in October when Middle Eastern retailer The Toy Store agreed to pay a £925/sq ft zone-A rent for its first UK outlet. 

It has since been surpassed by Watches for Switzerland paying £950/sq ft zone-A rent on a 20-year lease at Tribeca Holding’s 439-451 Oxford Street.

Other retailers at West One include McDonald’s, Marks & Spencer, Superdrug and Boots.

The office accommodation is scheduled for a rolling refurbishment programme to coincide with the opening of the Crossrail link in 2018.

Related Articles

Have your say

Sign in to make a comment on this story.

Sign In

Text size

Desktop Site | Mobile Site