UK: Corporate housing provider Portland Brown has signed a lease with building owner Hines for apartments at 354 – 358 Oxford Street in London’s West End.
Hines acquired the prime site, located above Bond Street Underground station, from Transport for London on behalf of the Hines European Value Fund earlier this year, and is developing retail space over the basement, ground and first floors, with the residential accommodation, now leased to Portland Brown on a 15-year lease, on the four upper floors.
Incorporating a mix of one- to three-bedroom apartments, the residential scheme will be called 1 Marylebone Lane.
Jake Walsh, director of Hines UK, said: “This is a best in class development in an absolute prime location, so we’re pleased to have fully leased the residential component ahead of work beginning on site, which will begin next month. The scheme will be completed in October 2020 and in the meantime we are progressing exciting plans for the retail space.”
Andrew Brown, managing director of Portland Brown, says: “We have seen significant growth in demand for long term corporate accommodation in the five-star segment. 1 Marylebone lane will join a number of other buildings we have on stream and in our pipeline within this segment to provide our residents with best in class homes.”
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