Hines, the international real estate firm, has secured a pre-lease agreement for the residential accommodation which forms part of its flagship development project at 354 – 358 Oxford Street in the heart of London’s West End.
Hines acquired the prime site, located above Bond Street Underground station, from Transport for London on behalf of the Hines European Value Fund earlier this year, and is developing best-in-class retail space over the basement, ground and first floors, with the residential accommodation accounting for the four upper floors.
The residential units in the development have been leased to Portland Brown, the global corporate housing provider, which signed a 15-year lease. The company specializes in providing homes for individuals and families coming to London—with a portfolio of accommodations across the UK, Europe, the U.S, Asia and Panpac.
Incorporating a mix of one to three-bedroom apartments, the residential scheme will be called 1 Marylebone Lane, with the front door for residents located at the beginning of one of London’s most desirable streets, famous for its plethora of boutique shops, cafes, restaurants and pubs.
“This is a best-in-class development in an absolute prime location, so we’re pleased to have fully leased the residential component ahead of work beginning on site, which will begin next month. The scheme will be completed in October 2020 and in the meantime, we are progressing exciting plans for the retail space,” said Jake Walsh, Director, Hines.
“We have seen significant growth in demand for long term corporate accommodation in the 5-star segment. 1 Marylebone Lane will join a number of other buildings we have onstream and in our pipeline within this segment to provide our residents with best-in-class homes,” said Andrew Brown, Managing Director of Portland Brown.