Oxford Street properties worth over £1bn sold to international buyers in 2015

Buyers spent £1.1 billion spent on commercial property in the famous destination street in 2015

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Oxford Street properties worth more than £1 billion were sold off to international buyers, the Independent can reveal.

International investors have been drawn to Europe’s busiest shopping street as a safe haven for their cash. The imminent arrival of Crossrail has helped bolster the street’s appeal.

Buyers spent £1.1 billion spent on commercial property in the famous destination street in 2015, according to figures compiled for the Standard by Real Capital Analytics/Property Data - nearly double the previous record £687 million spent in 2011.

Buildings housing a clutch of retailers and brands including Dr Martens, Primark, Lush, and Russell & Bromley have all changed hands, as well as the West One shopping centre above Bond Street tube station.

Shoppers are expected to spend £2.3 billion on Oxford Street in the six weeks before Christmas - with average takings of £51.1 million a day expected - underlining the attraction to retailers. Rents have doubled to nearly £1000 a square foot since 2005.

Tom Leahy, RCA’s director of market analysis, said: “While Oxford Street remains one of London’s top shopping destinations it will continue to be a draw for retailers and therefore property investors. In addition to the strong tenant demand, the world famous Oxford Street address has its own lure and is attractive to those investors seeking trophy assets.”

The biggest single deal was the £450 million swoop for the home of Primark’s flagship store at 12-32 Oxford Street by billionaire Amancio Ortega - the world’s second richest man and founder of Zara - followed by the £240 million deal for the West One by the Norwegian sovereign wealth fund Norges Bank. Another billionaire, Denmark’s Anders Holch Povlsen - founder of the Bestseller retailer - also splashed out £172 million on 293-97 Oxford Street, while Hong Kong billionaire Albert Yeung’s Emperor International also invested. US fund Thor Equities has also snapped up two properties, according to the figures.

Phil Cann, head of UK retail at property agents CBRE, said Oxford Street’s fragmented ownership compared to other areas of the capital made it easier for foreign buyers to enter the market: “Pin the flags on the map and it looks like a UN convention, there’s every flag under the sun represented. He added: “If you want to get exposure to retail you’re looking at Oxford Street or Bond Street.”