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Retailer John Lewis has secured conditional planning permission from Westminster City Council to convert 28,135 square metres of retail space into offices.
This equates to around 45 per cent of the flagship Oxford Street store.
The city council’s decision was made on the basis of “exceptional circumstances”, according to reports by The Evening Standard.
According to the real estate adviser Altus Group, the John Lewis store in Oxford street has an ERV (estimated rental value) on the open market of £19.91m – the third highest in England.
In their financial results for the first half of 2020, The John Lewis Partnership reported that they had made a loss of £55m, and that sales were down around 30 per cent on last year,
In April, the group set out a worst-case scenario for the full year of a sales fall of 5 per cent in Waitrose and 35 per cent in John Lewis. They are also aiming to make £100m of head office savings.
Raj Krishnamurthy, CEO of workplace technology solutions Freespace, predicts that new office spaces such as this will need to balance office space demand with capacity management:
“Organisations of all sizes will need to remain nimble given the highly unpredictable situation and the constant threat of additional outbreaks. A data-led approach can support this and ensure longevity when it comes to business continuity and workplace safety and compliance.
“This insight, gleaned from workplace technology, can support business leaders in their plans to dramatically alter their commercial real estate to comply with social distancing measures. Space bookings and occupancy sensors which are linked to cleaning systems and processes can also provide a highly effective and visual reassurance of internal COVID-19 control measures.
“All of this considered, any new or existing office will be faced with increased demand for collaborative spaces where teams can come together safely to innovative and problem solve. This has what’s been missed for so long.”
Picture: a photograph of a central London street
Article written by Ella Tansley | Published 29 October 2020
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