(LONDON) – 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.
Jake Walsh, Director, Hines said: “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."
Andrew Brown, Managing Director of Portland Brown, said: “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."
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Portland Brown
Portland Brown has grown over the last 15 years to be recognised as London’s leading long-term corporate accommodation provider. The company operates approximately 500 apartments across central London. PB has a worldwide distribution network providing accommodation across the UK, Europe, US and Panpac. The company is headquartered in Bristol, has a team in excess of 120 and turnover in excess of £30m. Over the last 4 years in addition to their core business Portland have built significant capacity in the Hotel, PRS and F&B markets.