First office tenant for 175 Oxford Street

Posted on by John Cronin

A first tenant has been secured for new offices in Oxford Street, London.

175 Oxford StreetProperty investors and developers Salmon Harvester and their partners NFU Mutual have signed the first office tenant at 175 Oxford Street (pictured – website).

The speculative redevelopment, offering 11,925 sq ft of floor space, is to be part-occupied by Korean oil company SK Energy. The firm has agreed to a 10-year lease for the 3,195 sq ft 3rd floor at a rental price of £47.50/ sq ft.

The smallest 5th floor, offering 2,367 sq ft at a headline rental of £49.50 / sq ft is also under offer. If this lease is secured 6,363 sq ft of floor space would remain unoccupied.

The original mixed-use building was badly damaged in a fire in April 2007 and has since been redeveloped. Planning consent was granted in 2008 for the demolition of the existing structure and for the construction of a new building.

The new building is used as a fully-let retail unit on the first 3 floors with 4 floors of office space above. There is 8,500 sq ft of retail accommodation over basement, ground and first floors. The office floors can be sub-divided and the largest floor plate is 3,195 sq ft. The building has been re-fitted with various energy-saving measures such as a brown roof, complete with bat and bird boxes, and has achieved a BREEAM rating of ‘Very Good’.

Architects for the redesigned building which actually occupies 175 – 179 Oxford Street were 3DReid. The scheme was completed slightly ahead of schedule in January 2010 and has an estimated value of £40m.

Joint marketing agents are Knight Frank and H2SO.

 

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