What: Westminster City Council approves Lazari's redevelopment plans for the former Fenwick department store on New Bond Street, London.

Why it is important: This redevelopment reflects a significant transformation in the use of prime real estate in central London, signaling a shift towards more office space while preserving retail elements. It represents the evolving dynamics of city center spaces, catering to current market demands and the continuous allure of Bond Street for retail. The project aligns with broader trends of adapting historic sites to modern needs, ensuring financial stability for traditional retailers like Fenwick.

The former Fenwick department store, a fixture on London’s New Bond Street for 130 years, is set for a major redevelopment after Westminster City Council approved plans submitted by Lazari Investments. Fenwick vacated the building in February following its sale to Lazari for EUR 430 million. The redevelopment will involve partial demolition and reconfiguration of the building and five others at New Bond Street and Brook Street junction. The plan will significantly increase office space from 24,617 square feet to 175,043 square feet across the second to ninth floors and decrease retail space from 132,310 square feet to 50,504 square feet on the ground and first floors. This strategic move by Lazari, driven by an appreciation for the building's architecture and Mayfair's charm, aligns with Fenwick's objective to solidify its financial foundation for future sustainability. Fenwick plans to use the proceeds to fund a EUR 40 million redevelopment of its Newcastle flagship, indicating a commitment to revitalizing its physical retail presence while adapting to changing retail landscapes.

Lazari’s Fenwick department store redevelopment plans gets green light