LONDON-Land Securities has submitted a planning application to convert Park House, located near the landmark Selfridges department store, into mixed use. The retail, office and residential scheme is expected to be the largest ever development on Oxford Street.
Park House, developed in the mid-1960s, is a mix of retail and office space with student accommodation. The plans propose a 335,000-sf mixed-used development, incorporating lower-floor retail with office and residential space on the upper floors.
The project will occupy an entire island site at 475-497 Oxford St., which is near Selfridges and Marble Arch. The scheme is expected to comprise 200,000 sf of office, 50,000 ft of retail with the remainder dedicated residential. The development is likely to include affordable housing as well.
"Park House represents an opportunity for us to renew a key island block on Oxford Street," says Mike Hussey, managing director of LandSec's London portfolio. "We will be able to enhance the retail pitch while providing office and residential accommodation befitting this address."
The freehold of the site is owned by the Duke of Westminster's Grosvenor, while LandSec owns the long leasehold interest. The site contains a block comprising around 44,000 sf of retail, 80,000 ft of office space in addition to the university of London spaces.
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