Selfridges has reportedly snapped up a £90 million property just a stone’s throw from its Oxford Street flagship store.
According to the Evening Standard, businessman Galen Weston and his family, who are highly active within the Selfridges Group, initiated the deal to purchase the 55,000 sq ft office and retail property at 101 Wigmore Street from AXA Real Estate.
At present, it is unknown whether the Selfridges Group intends to redevelop the property in the future as a means of amalgamating it with the current flagship store. A spokesman for the firm simply announced that “the plan is to maintain the building in its current usage for the foreseeable future.”
However, this is not the first property acquired by the Selfridges Group that has caused something of a stir in the London investment market, as in 2011 the firm also snapped up the building next to its own store.
This sparked rumours that the group intends to vastly increase its London footprint in the coming years, despite the fact that neither of the new properties are at present involved in the ongoing £300 million revamp of the Oxford Street flagship store.
According to Savills director Jonathan O’Regan, who advised on the disposal and commented on the deal in the Evening Standard, the sale “reflects a strategic disposal in a strong central London investment market” for AXA.
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