A report from commercial property adviser, CBRE, has stated that the amount of retail space in London will expand by almost 8 million sq ft over the next five years.
It revealed that the planning permission, which has been granted for retail space in the London area, is an equivalent to the combined size of Bond Street, Regent Street and Oxford Street.
Nearly 3 million sq ft of space will be within three retail-online developments, while the remaining 5 million sq ft is to be built across 30 sites in the ‘London Halo’ zones.
The developments comprise mixed-use schemes, including Earls Court which will have shopping space built alongside residential schemes, as well as King’s Cross’ office-led developments.
CBRE’S Chairman of Central London Retail, Hugh Radford, commented: “Existing prime retail locations are bursting at the seams, which means that confidence in the sector and its future potential has accelerated investment.
He said that 100,000 residents arrive in London every year with another million forecast by 2025.
Mr. Radford continues: “This will mean London’s landscape is transformed over the next five years by the addition of more than 8 million sq ft of new shopping space. It creates an incredible opportunity for the sector and London economy as a whole.”
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