1 Newman Street & 70/88 Oxford Street, W1 is the latest piece in the puzzle in our regeneration activities at the eastern end of Oxford Street. High quality buildings are in short supply, and testament to the quality of our development, Exane, the European equities business, has pre-leased the top three office floors of the building (39,970 sq ft) at an average rent of £100 per sq ft, 14 months before completion.
The last piece of the puzzle
1 Newman Street & 70/88 Oxford Street, W1 is situated at the eastern end of Oxford Street opposite the Tottenham Court Road Crossrail station. Once completed in Q3 2021, the building will provide 119,100 sq ft of new Grade A space comprising 81,200 sq ft of offices and 37,900 sq ft of retail units.
We have had considerable success at this end of Oxford Street, with 1 Newman Street & 70/88 Oxford Street our third significant development and the final piece of the puzzle.
Our activities, along with the forthcoming opening of Crossrail in 2021, have helped revitalise a part of London that had previously suffered from significant underinvestment. This transformation has also encouraged a number of well established businesses to relocate to the area. We have completed significant office pre-lets to Facebook and Moneysupermarket (at Rathbone Square and 1 Dean Street respectively), along with retail pre-lettings to Benetton and New Look.
High quality buildings remain in short supply, and in May 2020 we were pleased to announce that Exane, the European equities business, had pre-let the top three office floors of the building (39,970 sq ft), taking a 15-year lease at an average rent of £100 per sq ft, 14 months before completion. The development is progressing well and we look forward to welcoming Exane to their new home later next year.
