Three leading fashion retailers are vying for what is set to be one of the most sought-after retail development sites in London’s West End for years.

Nike, Jack Wills and Armani Exchange are understood to have put in an application to developer Kenmore Capital – a joint venture between Kenmore Property Group and HBOS – for the lease.

Kenmore Capital has submitted plans to redevelop the former Hog in the Pound pub on South Molton Street, where it meets Oxford Street. The site, opposite Bond Street tube station, is likely to prove particularly attractive, because it combines the high fashion of South Molton Street with the mass-market appeal of Oxford Street.

Kenmore hopes to redevelop the site to create 5,000 sq ft (465 sq m) of ground-floor and basement retail space.

The new store will be a significant entry to South Molton Street, which boasts Browns, Karen Millen, Kurt Geiger, Office and Pied à Terre, plus a range of upmarket independents.

The whole project is expected to be completed and let by summer next year, provided that the planning application is successful.

Kenmore is hoping to gain planning consent by about September, when it expects to make a decision on which retailer it will strike a deal with.

Agency Orme Retail has acted on behalf of Kenmore since it acquired the site in December 2006 for£9.5 million.

Kenmore Property Group has a considerable international property portfolio, with£1.9 billion worth of investments across the UK and internationally, with a further£1.5 billion worth of developments in the pipeline.