Transforming Tottenham Court Road
24 Jun 2015
With the completion of Tottenham Court Walk, we announce the letting of five units to a vibrant mix of retailers many of whom are taking space in this area for the first time. These are DF Mexico, Hotel Chocolat, Leon, Planet Organic, and T2 who will join the enhanced Odeon cinema. A further unit is under offer and we are in discussions with a number of other parties. Up to 70% of the units are let or under offer prior to launch.
Derwent London has set out to change and improve the retail and leisure mix of the area, attracting exciting occupiers that will redefine the location and bridge the gap with Oxford Street. The Group acquired Central Cross in 2010, a significant 266,500 sq ft property, with a 400 ft street frontage on Tottenham Court Road. Since acquisition the Group has rebranded the property as 1+2 Stephen Street, refurbishing over 50% of the office space and completely remodelling the building’s ground floor. The whole area is set to benefit enormously from the opening of the Crossrail station in 2018 and the creation of a new London square at St Giles Circus. This transport intersection is expected to become one of London’s busiest with 110 million visits a year.
Tottenham Court Walk completes the street scene improvements that have helped reconnect the property to its surroundings. What was previously a dark recessed arcade solely let to electrical goods retailers and the Odeon cinema has been completely reconfigured to provide 38,000 sq ft of high quality retail and leisure space over nine double height units on a more prominent street line. This will incorporate al fresco dining on a generous avenue style pavement, and in addition a remodelled entrance to the cinema. The much improved environment with a broad mix of retail and leisure is expected to restore Tottenham Court Road’s status as one of central London’s premier and best connected destinations.
John Burns, Chief Executive Officer of Derwent London, commented:
“We are very pleased to secure these lettings on our 1.8 million sq ft Fitzrovia estate introducing a wide range of retail and restaurant users, who share our vision of a revitalised Tottenham Court Road. This is only just the beginning as the whole area will be supported by other initiatives from Camden, neighbouring landowners and Crossrail itself. Together we expect these improvements will see the area reclaim its title as ‘London’s crossroads’.”
Derwent London’s letting agents on Tottenham Court Walk are Savills, Kenningham Retail and Shelley Sandzer.