A Qatari government investment vehicle is seeking permission for a change of use at Park House, the landmark retail, office and residential development opposite Selfridges on London's Oxford Street, after all eight of the retail tenants served notice to quit.
The scheme was developed by Landsec and forward-sold to Barwa Real Estate in June 2010 for £250 million. It comprises 92,000 square feet of shops, 39 homes and 163,000 square feet of offices. The retail leased up quickly when the building completed in 2012. Its retail tenants are Zara, Urban Outfitters, Bershka, River Island, Swarovski, Pandora and Life.
On Tuesday (7 January), Westminster planning committee will meet to decide on an application from Park House (Oxford Street) Limited, advised by Montagu Evans. Real Estate Management UK manages the building for Qatar.
The application says the basement, ground and first floors are in retail use, providing nine ground floor units of varying sizes, but it is understood that all existing shop tenants propose to vacate the building. At second floor level and above, the building provides offices at the western end, accessed from Park Street, and flats at the eastern end, which are accessed from North Row.
The owner is seeking permission for a change of use to allow the use of the basement, ground and first floor more flexibility, with retail, restaurant, medical, indoor leisure or competitive socialising uses being sought for different parts of these levels. Around 55,000 square feet would be retained for shops.
The permission is sought to "ensure this floorspace remains let".
There would be a reconfiguration of some of the space, notably external alterations to form new double height shopfronts to Oxford Street and North Audley Street.
Westminster planners have recommended the proposals are approved.