Selfridges have reportedly spent £130 million on an office block situated next to its famous Oxford Street store. The building, Nations House, has over 100,000 sq. ft. of office space which is currently rented out to a number of large and small businesses.
Selfridges declined to comment on the purchase, but in May the company appointed Renzo Piano, the Italian architect responsible for the Shard, to design an extension to the store.
At the time a spokesperson said: “Plans incorporate the 1909 landmark building along with adjacent spaces and new architecture within (and above) the urban block.
“The project is rooted in Selfridges’ ambition to remain great for generations to come, by pushing the boundaries of architecture, design and customer experience.”
The building was owned by Hermes, who bought the property as a long-term investment, but decided to sell to Selfridges in December. Hermes has assets spread across office, retail and leisure commercial properties, said to be worth around £5 billion. They are also responsible for the British Telecom Pension Scheme.
This expansion comes as good news for the British high street, with many retailers struggling to survive harsh economic conditions. 2012 has witnessed the demise of Comet, Clinton Cards and GAME among others. However central London has rode the recession well and the West End remains one of the most popular shopping districts in Europe.
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