St Giles rents get boost from Crossrail and fashion retailersComments Off on St Giles rents get boost from Crossrail and fashion retailers
Big brands like Skechers moving into the traditionally tatty end of Oxford Street because of Crossrail are due to deliver a big boost to property investors’ rental income, a new survey suggested today.
Retail rents at the intersection of Tottenham Court Road and Oxford Street are set to surge 16.7% this year to £700 per square foot, before rising to as much as £735 in 2017.
Skechers, modelled by Kelly Brook, and other retailers like Schuh will also open in the area in November.
The forecast in the St Giles report by the New West End Company and property agent Colliers International follows a spate of popular retailers moving there including New Look and Planet Organic.
Paul Souber, head of retail agency at Colliers said: “For many years, this part of the West End was virtually a shopping desert, but now we’re seeing a procession of domestic and international brands establishing flagship stores.”
NWEC said the demand for stores was being fuelled by the prospect of 200,000 passengers a day using the Elizabeth Line at Tottenham Court Road when it opens in 2018.
The report added that a number of media and tech businesses have also opened offices in St Giles.