A surprising new survey has revealed how Oxford Street is slowly turning from the capital’s shopping hub to a residential address.
Currently one of London’s top tourist destinations, it has attracted visitors from across the world for hundreds of years, and boasts famous department stores Selfridges and John Lewis alongside an array of chain shops.
The road was given its famous name in 1729, when it was a sought after residential area, before its smart townhouses were transformed into retail premises in the 1830s.
But over the past five years it appears to be transforming back to its roots, after a survey by Aston Chase, undertaken in association with developer Galliard Homes, showed there are 437 homes being built on Oxford Street – almost double the 248 shops being developed.
A surprising new survey has revealed how Oxford Street is slowly turning from the capital’s shopping hub to a residential address. Pictured: A luxury bedroom overlooking the street in the Verge Mayfair development
A stunning dark wood open plan kitchen complete with marble top island and siting area overlooking the city is seen in TCRW SOHO, providing 92 apartments and 9,939 sqft of retail space
An open plan kitchen/ diner and sitting room is seen in the Verge Mayfair development, which provides 12 exclusive apartments
There are now nine new residential or residential-led mixed use developments on or adjacent to Oxford Street, with a gross development value of £1.06 billion and provide a combined total of almost 500 private sale apartments and penthouses.
Apartments for sale along Oxford Street are typically priced from £950,000 up to £4.5 million, and the highest demand is for apartments priced from £2,000 to £2,500 per square foot, although some apartments are priced up to £5,000 per square foot.
The nine residential-led projects changing the face of Oxford Street are Centrepoint, which is providing 82 apartments and 39,000 sqft of retail space, 5-6 Hanway Place providing 18 apartments, Hanway Gardens, boasting 18 apartments and TCRW SOHO, providing 92 apartments and 9,939 sqft of retail space.
Elsewhere 37 Rathbone Place is providing 140 apartments and 242,800 sqft of office space, 5 Berners Street has six apartments, 103-109 Wardour Street boasts 15 apartments and a health club/gym, Verge Mayfair is providing 12 apartments and Marble Arch Place boasts 54 apartments, 36,000 sqft of retail space and 123,000 sqft of offices.
A large bathroom with his and hers sinks and wooden panels is pictured, complete with a prime view of Oxford Street
The roof terrace overlooking Debenhams and some of the city’s attractions is seen in the Verge Mayfair development, which provides 12 exclusive apartments
The large apartments boast a sizeable kitchen area complete with stylish marble top bar, and a large dining and siting room area
The first new homes were built on Oxford St in 2012, when developer Oakmayne Bespoke launched Verge Mayfair – 12 apartments fronting onto Oxford Street, priced from £950,000.
Later that year the £400 million 17 storey Marble Arch Place project in 2013 was announced, while 2015 saw the launch of the £350 million 33 storey Centrepoint scheme in 2015, and £140 million TCRW Soho was unveiled at the end of 2019.
It is predicted that over the next five to 10 years Oxford Street will become one of central London’s most sought-after residential addresses.
David Galman, Sales Director at Galliard Homes told Femail: ‘The new Oxford Street survey shows that there are now as many homes being built along Oxford Street as shops.
‘The location is undergoing significant regeneration and becoming more residential in character. Currently the location is relatively underpriced compared to neighbouring Mayfair and Marylebone and this is good for buyers.
‘An uplift will come in property values as electric cars, Crossrail and pedestrianised areas bring dynamic change to Oxford Street. Over the next five years we see the famous throughfare becoming one of London’s most sought after residential addresses.’
A bedroom complete with en suite bathroom is shown in the TCRW SOHO development, providing 92 apartments and 9,939 sqft of retail space
A Gothic themed kitchen is featured in the Verge Mayfair development, which provides 12 exclusive apartments
Meanwhile Mark Pollack, Co-Founding Director at Aston Chase added: ‘During the 18th Century Oxford Street was a residential address and the return to more housing provision is perhaps not surprising given that Oxford Street fronts onto Mayfair, Marylebone and Fitrovia, all of which are established, highly desirable, residential addresses.
‘Technology and the internet have also changed the face of retailing. Advances in logistics mean that stores no longer require large stockroom areas on their upper floors, so new development can provide retail on the ground and basement levels, with new apartments above.’
Revealing their biggest property deal, he added: ‘At the Rathbone Place project by Oxford Street, Aston Chase sold the 4,000 sqft penthouse off plan for £15.25 million to a Scandinavian buyer.
‘This is one of the biggest residential deals on Oxford Street and demonstrates both how the location has changed, but also underlines the quality of the apartments and penthouses being built around Oxford Street.’
Elsewhere a second bedroom with built in cupboards and a marble en suite bathroom provides top comfort for residents
A view of ventre point, the London Eye and the Shard is seen from the roof terrace of one of the developments