For years it was the jewel in the crown of Sir Philip Green’s retail empire.
But with the collapse of Arcadia last November, the former home of Topshop on Oxford Street is now on the market for a cool £420m.
Marketing materials seen by The Times suggest the property will offer a “new age retail concept.”
Apollo, the private equity firm which lent against the building in 2019, will receive the bulk of any proceeds from the sale.
The building, which abuts Oxford Circus and also houses Nike’s London flagship and footwear store Vans, was valued at more than half a billion just a couple of years ago.
Potential buyers – including the men behind H&M and Zara – will have to judge whether premium, city centre locations are still worth a premium price.
Additional cash will be poured into the gaping hole that is Arcadia’s pension deficit.
Source: City A.M.
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