Fri, 09 Apr 2021 | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is drawing attention from a number of major retailers after being placed on the market by its owner.
The store, which is currently controlled by subsidiary Redcastle Ltd, was not included in the sale of Arcadia Group assets that was overseen by administrators from Deloitte earlier in the year.
Instead, Redcastle has appointed KPMG as administrators for the site. The agent has subsequently gone on to appoint real estate agencies Eastdil and Savills to search for a buyer for 214 Oxford Street.
The 100,000 sq ft store was formally placed on the market at the beginning of April after Arcadia Group fell into administration in December. According to leasing advisor Savills, the nature of the property's future will depend on discussions with prospective buyers, and could include a purchase, lease or split lease arrangement.
According to KPMG, a number of retailers have already expressed an interest in the store, including JD Sports, Frasers Group, Amazon and Nike. The administrators have also been approached by H&M Group and Boohoo Group, the latter of which purchased Dorothy Perkins, Wallis and Burton from the Arcadia Group for £25.2 million in January.
Topshop - along with Topman, Miss Selfridge and HIIT - was purchased by Asos in a £295 million deal. However, CEO Nick Beighton stated that the brand will not be imminently considering placing a bid on the flagship store. He said: "We’ve always said we’d never say never. We haven’t got any immediate plans to do that."
As a result of the store's position, it will not be reopening when restrictions ease on non-essential retail in mid April.
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