OXFORD STREET HOUSE OF FRASER SAVED
CBRE has agreed terms for House of Fraser to remain in occupation on London’s Oxford Street. This store was due to close under the House of Fraser CVA announced in June 2018.
James Keany Head of National Agency at CBRE who acted on the negotiations said “this deal only happened because all parties realised it was better to keep the store open and fully operational. It was a real case of landlord and tenant genuinely working together and at great speed. Everyone was sensible about the terms of the transaction”.
This is the first deal to be agreed on a House of Fraser store, transacted in just over a week since Sports Direct acquired the business. The speed of the transaction shows Mike Ashley and his team’s commitment to turn around the House of Fraser Business.
Michael Murray Head of Elevation commented: “We said we would keep as many stores open as possible, and in less than a week we have saved the biggest store. Oxford street was meant to close in January and now it’s safe which is great news for all parties. Everyone must remember it was a bust business and we need Landlords, Councils and Brands to pull together to save House of Fraser on the high street.”
The agreement creates jobs on the High Street and ensures House of Fraser continues to trade on London’s iconic street.