The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

45 Per Cent of John Lewis’ Oxford Street Store Will be Offices 

45 Per Cent of John Lewis’ Oxford Street Store Will be Offices 
29 October 2020
 

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.

 

Oxford Street Store has Rental Value of £19.91m

 

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

Share



Related Articles

Flexible Office Space to be Trialled in Tesco Supermarkets

IWG, whose brands include Regus and Basepoint, is to pilot flexible office space within a Tesco supermarket in New Malden. Excess retail space at the South London...

 Read Full Article
PwC Commits to Retaining Office Space Despite Prevalence of Home Working

The UK chairman of PricewaterhouseCoopers has confirmed that the accounting firm is not planning to downsize any of its office space, despite the “new normal”...

 Read Full Article
W R Berkley Looking to Sell The Scalpel for £820m 

The Scalpel, one of the most recognisable London skyscrapers, is to be put up for sale. Property Week revealed that insurance firm W R Berkley is looking for around...

 Read Full Article
Liverpool Shopping Centre Installs ‘Digital Human’ as Part of Guest Services Team

“Liv”, an AI-enabled “digital human”, is now part of Liverpool ONE shopping centre’s front-of-house customer service offering. As part of...

 Read Full Article
British Land Sells Stake in Meadowhall Shopping Centre

British Land has opted to sell its 50 per cent share in Meadowhall Shopping Centre to its partner Norges Bank Investment Management for £360 million. British...

 Read Full Article
Europe’s First Automated Theme Park Store Opens at Legoland Windsor

A new frictionless, cashier-less coffee and convenience store has opened at Legoland Windsor, a first-of-its-kind for the theme park sector. The “just walk...

 Read Full Article
Mitie Wins £50m Maintenance Contract With Halfords Group

Mitie has won a £50 million contract with Halfords Group, to provide engineering maintenance services at over 950 of its sites across the UK and Ireland. Mitie...

 Read Full Article
Macro Becomes Principal FM Contractor for Superdry Store Portfolio

FM firm Macro has enhanced its contract with retailer Superdry to become its principal facilities management contractor. Having worked with the global fashion chain...

 Read Full Article
Macro Appoints UK & Europe Regional Director

Patricia Soria has been appointed as UK & Europe Regional Director at Macro. Patricia joined Macro in 2020 when the company was awarded a contract with a leading...

 Read Full Article
TK Maxx to Open New Oxford Street Flagship Store 

European retail giant TK Maxx will open a second Oxford Street store at Mount Royal, leased by Great Portland Estates. The retailer will take 22,500 sq ft across the...

 Read Full Article