Berkeley Estate Asset Management and architect Kohn Pedersen Fox have unveiled detailed designs for a close to 1 million-square-foot office, retail and cultural hub makeover of the former BHS department store on London's Oxford Street.
The existing 1960s 21-storey building, designed by TP Bennett, includes a two-storey podium and a six-storey block along Oxford Street that was home to the London College of Fashion, and total around 600,000 square foot of space.
The revised plans for 33 Cavendish Square follow a public consultation earlier this year.
The block includes 100 metres of prime retail frontage at the heart of Oxford Street and the plans will seek to attract leading brands via 124,000 square feet of retail. The developers said the proposals will "bolster Oxford Street’s continued evolution as a premier global shopping destination, encouraging long-term investment in the ‘nation’s high street".
There will also be a cultural and creative hub, comprising 37,676 square feet. BEAM said this has been designed to flexibly accommodate the needs of local creative businesses and organisations. It will include a new auditorium and flexible event space, which could be used to support events such as Ted talks, product launches, receptions and other major showcase events, as well as workspace and studio space. The space will target businesses in the creative, cultural, digital and technology sectors.
In addition BEAM is proposing 800,000 square feet in gross internal area of offices with private, landscaped terraces.
BEAM said the project prioritises a retrofit approach, retaining over 50% of the existing floorspace and targeting the highest environmental standards. The scheme will be all-electric.
BEAM said approximately 1,200 jobs would be supported each year during construction, in addition to more than 4,000 jobs once the completed scheme is operational.
John Bushell, Principal at KPF, said: “By combining world-class office space and retail with a dedicated cultural and creative hub, our plans will breathe new life into the site, offering a vibrant destination for global brands, businesses, and culture. It’s a bold step in reimagining this part of Oxford Street where culture, commerce, and community thrive together.”
The second round of public consultation on proposals for 33 Cavendish Square is now underway. Consultation ends on 21 July. Following this round of public engagement, the planning application will be submitted later this summer.
Developers have typically turned to offices in repurposing the swathes of retail space vacated by retrenching department stores such as BHS, Debenhams and House of Fraser on Oxford Street, the famous London retail thoroughfare.
The amount of retail proposed by BEAM underscores how the street has been recovering.
Vacancy on Oxford Street fell to 0.5% for the first quarter of the year, the first time it has fallen below 1% since the first quarter of 2019, before the pandemic began, according to central London retail leasing research from Savills.
Savills reported that good-quality vacant space has become increasingly constrained. It added that the contraction in supply is expected to place more pressure on rents for best-in-class units. Quarter-on-quarter prime zone A rents for Oxford Street West increased by 3.3%, and with improvements anticipated, such as the upcoming opening of the former Debenhams site, the company says there is potential for further growth in prime rents.