Agents appointed for sale of Topshop Oxford Circus flagship
Activity around the break-up of the Arcadia fashion retail empire is continuing and while the sale of Evans to Australia’s City Chic is the only concrete development so far, it has emerged that the heavily mortgaged Topshop flagship is up for sale.
Sky news reported that agents have been appointed to oversee the sale of the building at London’s Oxford Circus. The building is owned by Redcastle (214 Oxford Street) Limited and Eastdil and Savills are now advising on the site's future.
Eastdil is reportedly overseeing the sale strategy while Savills is believed to be advising on future leasing options, which raises the prospect that Topshop might vacate the space, even if the retail operation is eventually sold to a company that wants to retain physical shops.
A little over a year ago, Apollo Global Management lent Arcadia over £300 million against the property. This means most of the sale proceeds will go straight to Apollo, although the Arcadia pension scheme could also see a substantial payment, depending on the sale price.
The building, at the heart of Oxford Street and at the top of Regent Street, remains hugely valuable and is likely to be in demand given its location and prospects when shoppers eventually return.
For many, the Oxford Circus location sums up Topshop and while it was once a must-visit destination for budget and affluent shoppers alike from the UK and abroad, in recent years its lustre has faded somewhat as Topshop’s fortunes have fallen.
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