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AXA Works Oxford Street Retail Investment

LONDON-AXA Real Estate Investment Management has re-let a high-profile Oxford Street site to Italian retailer Expensive Fashions. The 20,000-sf store was part of a mixed-use portfolio bought from Legal & General earlier this year.

By Graham Parker | Updated on November 28, 2001

LONDON-AXA Real Estate Investment Management has re-let 221/223 Oxford Street, close to Oxford Circus in London’s prime retail pitch, to Italian retailer Expensive fashions.

The 20,000-sf property was occupied by the retailer on a short lease when AXA bought the investment as part of a mixed-use portfolio, paying Legal & General £70 million ($100 million). Now, through Strutt & Parker, it has negotiated a surrender of the lease and agreed a new 25-year lease with five yearly reviews, at a rent of £1.07 million ($1.5 million) per annum, reflecting £390 ($554) zone A.

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