General Projects and Sir Lloyd Dorfman CBE have acquired 4 Oxford Street, which sits at the junction of Oxford Street and Tottenham Court Road, for an undisclosed price.
The currently under-utilised historic site was brought to the market earlier this year with offers invited in excess of £13m.
The joint venture partners will restore and enhance the 11,000 sq ft late Victorian building, which sits at the heart of Fitzrovia’s historic retail and design district, and was originally designed by architects Saville & Martin in 1892.
The partnership will now work closely with the Oxford Street Development Corporation (OSDC), Westminster City Council, neighbouring landowners, local businesses and community stakeholders to develop detailed proposals for the site.
Jacob Loftus, CEO of General Projects, said: “It’s extremely rare to get the opportunity to acquire and restore a building with such a prominent position in London’s cityscape. This is one of the most important gateway sites on Oxford Street and a corner that millions of Londoners and visitors pass through every year. What excited us immediately was the opportunity to bring an important historic building back to life and make a meaningful contribution to the wider story of Oxford Street’s renewal.
“There’s huge momentum building around the area, with plans for pedestrianisation coming forward and a re-evaluation of the city’s traditional high street culture, and we’re looking forward to working closely with the OSDC, Westminster City Council and local stakeholders to help create something that feels positive, lasting and right for this part of London.”
Dorfman added: “Four Oxford Street occupies one of the most prominent gateway locations on the street, sitting at the crossroads of the West End, Fitzrovia and theatreland. Together with General Projects (our second deal together after the Annex in Smithfield), we are excited by the opportunity to restore this historic building and create something truly special that reflects the energy, ambition and character of the area.
“Having invested in the area through my ownership of 2 Soho Place, I have seen first-hand the remarkable transformation taking place around Tottenham Court Road and the wider West End. There is a renewed sense of momentum around Oxford Street, and I am especially encouraged by the commitment being shown by the mayor of London’s team to deliver a bold vision for its future. As confidence returns to Oxford Street and a new vision for its future takes shape, we look forward to playing our part in delivering a project that makes a lasting positive contribution to the West End for generations to come.”
Nabeel Khan, CEO of Oxford Street Development Corporation, said: “The renewal of 4 Oxford Street as one of the most recognisable sites on Oxford Street is an important part of the area’s wider transformation. We welcome the ambition shown by General Projects and Sir Lloyd Dorfman to restore and reinvigorate this prominent historic building.
“Their commitment to high quality, heritage-led regeneration aligns closely with our vision for Oxford Street as a thriving, world-class destination that balances its rich history with a dynamic future. We look forward to working together to ensure this project contributes positively to the street’s ongoing transformation.”
Michael Elliot advised the purchaser.
