Redevelopment of 340 Oxford Street-London moves forward

The former Debenhams department store at 340 Oxford Street is in the final stages of redevelopment, with completion expected by the end of 2025. The building, owned by Ramsbury Oxford and Capital Real Estate Partners and marketed by Savills, is being repositioned as a mixed-use complex that combines large-scale retail with modern office accommodation.

According to project details, the scheme will deliver around 52,500 square feet of double-height retail space across the basement, ground, and first floors. The upper levels are being converted into approximately 280,000 square feet of Grade A offices, complemented by about 13,000 square feet of landscaped terraces. Savills has confirmed that the retail unit is designed for a single international flagship occupier, with negotiations already underway with several global brands.

The development comes at a time when Oxford Street is showing signs of renewed strength after several years of decline marked by department store closures and a proliferation of discount shops. Research cited by The Times indicates that vacancy rates on Oxford Street have fallen to 1.35 percent, the lowest level since before the pandemic. Over the past year, major retailers such as Nike, Bershka, Vans, and New Balance have committed more than £118 million to store openings and refurbishments, suggesting confidence in the location’s long-term appeal.

Urban policy shifts are also reshaping the context for 340 Oxford Street. In June, London Mayor Sadiq Khan confirmed plans to pedestrianise up to a mile of the street, following public consultations in which two-thirds of respondents supported the proposal. Large retailers including Selfridges and IKEA have backed the initiative, which is expected to improve the pedestrian environment and strengthen Oxford Street’s position as a global retail destination. The Financial Times has reported that a Mayoral Development Corporation could be established as early as 2026 to oversee the regeneration programme and coordinate infrastructure improvements, including integration with Crossrail entrances.

Taken together, the redevelopment of 340 Oxford Street and the broader regeneration of the West End illustrate how obsolete department store sites are being repurposed to meet new market conditions. The combination of flagship retail space with high-quality office floorspace is intended to diversify the building’s use and attract both corporate tenants and international brands. As the delivery date approaches, the project will play a central role in Oxford Street’s recovery and in defining the next phase of its commercial evolution.