What: The former House of Fraser flagship store on Oxford Street is set for a EUR 132 million redevelopment into a mixed-use space featuring retail, offices, restaurants, a gym, and a swimming pool.

Why it is important: This project aims to diversify Oxford Street's offerings and stimulate the development of an evening economy, revitalising the area and making it more attractive for both visitors and locals. The initiative represents a significant investment in repurposing familiar buildings to enhance urban resilience and community value.

The iconic House of Fraser building at 318 Oxford Street, which has been vacant for over two years, is poised for a transformative refurbishment. The EUR 132 million project will convert the 365,975 sq ft space into a vibrant mixed-use development, introducing ground-floor retail, office spaces, two restaurants, and a leisure facility complete with a gym and swimming pool. This redevelopment is designed to inject diversity into Oxford Street's retail landscape and foster an evening economy, enriching the area's cultural and social fabric.

The renovation plan includes the reconstruction of the sixth and seventh floors, the addition of a terrace, and a new eighth-floor extension to accommodate one of the restaurants. Public realm improvements, such as wider footpaths, are also part of the project, aimed at enhancing the pedestrian experience.

Owned by Publica Properties Establishment, the site's revitalisation is led by McLaren Construction. Darren Gill, the managing director, highlighted the growing trend of repurposing well-known buildings in prime locations for a variety of uses, emphasising the potential to bolster both the building's and the area's resilience.

This redevelopment initiative emerges amidst Marks & Spencer's legal challenge against the government's decision to block the redevelopment of its Marble Arch flagship store, underscoring the ongoing transformation and controversies surrounding Oxford Street's retail landscape.

Oxford Street House of Fraser set for £132m revamp