Topshop Oxford Street flagship goes on sale for £420m

The sale of Topshop’s London flagship on 214 Oxford Street is being run by real estate adviser Eastdil Secured on behalf of KPMG, which has been appointed administrator to Redcastle 214, the company that held the building when Topshop parent company Arcadia fell into administration last November.

The six-storey Grade II listed building also houses Nike’s biggest European flagship, a store let to footwear brand Vans and has office space available upstairs.

Prospective buyers for the building are being guided to a £420m price point – down from the previous valuation of £500 from two years prior due to the decline in retail property values.

According to The Times, interested parties for the leasehold are thought to include H&M billionaire Stefan Persson’s investment vehicle Ramsbury, the property business of Zara founder Amancio Ortega, Norwegian sovereign wealth fund Norges and Great Portland Estates.

Topshop buyer Asos was also understood to have previously been interested in potentially taking ownership of the flagship as part of its takeover of the fashion brand.

The first £311.6m from any sales will go to private equity firm Apollo, which lent against the building in 2019, with any further proceeds earmarked for Arcadia’s pension scheme, which has a £510m deficit.