184–190 Oxford Street, London W1

184–190 Oxford Street comprised two adjoining mixed use retail and office properties occupying a prominent position on the north side of Oxford Street, with frontages directly onto Oxford Street, Great Titchfield Street and Market Place.

Originally built in the 1950s, the property consisted of 11,399 sq ft of retail accommodation over basement, ground and first floor and 14,622 sq ft of office accommodation over 2nd to 5th floors at acquisition. It was leased to 4 tenants, 2 retail tenants on long lease contracts and 2 office tenants on short lease contracts with retail income responsible for 80% of the total at acquisition.

Trinova were retained to undertake the development management of the property on behalf of CBRE Global Investors. During the development process, Trinova undertook a number of workstreams to maximise the potential for the proposed scheme, including the maximisation of floor areas through infilling of redundant light wells, improving efficiency of existing circulation spaces to the retail units and increasing floor area through a 2 storey upward extension. This generated an increase in lettable floor area on the office accommodation of 46%. To facilitate the physical variations detailed above, a lease re-structure was completed with one of the retail occupiers, which extended the lease term and increased the passing rent.

During the construction process, an early active marketing campaign capitalised on the lack of good quality space in the microlocation, leading to outperformance on achieved rental values on the office accommodation in excess of 70% against underwriting forecasts.