Slaughter and May is advising Derwent London - development of 1 Oxford Street, London W1
Slaughter and May is advising Derwent London on the development of the site above the new Crossrail station at Tottenham Court Road. Derwent London has entered into an agreement with Transport for London and London Underground Limited for a 150-year lease of the site to be granted following practical completion of the development. Derwent London will pay a premium of £55 million on completion, 5% of the rent on the commercial space and 16% of any development profit. The 275,000 sq. ft. landmark development will comprise 204,000 sq. ft. of offices, 37,000 sq. ft. of retail and a 34,000 sq. ft. 350-seat theatre. The development is a key part of Derwent London’s significant investments in the regeneration of the area in the immediate vicinity of Tottenham Court Road.
John Burns, Chief Executive Officer, commented:
"1 Oxford Street is one of the best addresses in London. We are very excited by the potential of this project and the area, which will be transformed by the opening of Crossrail in 2018."