Hines European Value Fund (HEVF) have bought up what are described as the assets above London’s Bond Street underground station, with the intention of delivering retail and residential space.
International real estate firm Hines acquired 354–358 Oxford Street, in a transaction with Transport for London (TfL), on behalf of HEVF.
Hines say that it will deliver ‘best in class retail space’ across the basement, ground and first floors of the building which has a 25m frontage in a prime Oxford Street location. Above this, it will create high-quality residential accommodation consisting of 11 one to three bedroom apartments over four floors.
Paul White, HEVF fund manager, says: “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. 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.”
Once Crossrail (the Elizabeth Line) opens in autumn 2019 Bond Street is likely to be one of the busiest on the network.
Much has been said about how Crossrail stations have boosted adjacent property values in recent years. However, it seems investors still see that there is value to be had in these locations. It’s unlikely this transaction will be the only one around what will soon become some of London’s busiest, most accessible and highest-profile stations.