- Planning permission has been granted for 8m sq ft of retail space in London
- Developments are the equivalent of Oxford Street, Regent Street and Bond Street combined
- Westfield and Hammerson’s joint venture in Croydon accounts for 1.5m sq ft alone
- ‘London Halo’ of zones one and two will get 5m sq ft of new space
The amount of retail space in London will soar by almost 8m sq ft within the next five years, according to new research revealed today.
Planning permission for the new trading space, which is the equivalent of Oxford Street, Regent Street and Bond Street combined, has already been granted across a number of London boroughs, commercial property agent CBRE said.
The firm’s In Retail report said almost 3m sq ft would be contained within three retail developments in Croydon, Westfield London and Brent Cross.
Croydon’s development, a joint venture between shopping centre landlord giants Westfield and Hammerson, will boast 1.5m sq ft of space. An extra 698,000 sq ft is set to be added at Westfield London while Brent Cross will benefit from new retail units totalling 592,000 sq ft.
The remaining 5m sq ft will be built across 30 sites in the so-called ‘London Halo’ of zones one and two.
These will range from mixed-use schemes, like the Earls Court development that will comprise residential properties, to office-led projects such as King’s Cross.
CBRE chairman for central London retail Hugh Radford said: “London will see 100,000 new residents arriving every year with another 1 million forecast to want to live in the capital by 2025. These new Londoners will need places to eat and places to shop.
“Existing prime retail locations are bursting at the seams, which means that confidence in the sector and its future potential has accelerated investment. This will mean London’s landscape is transformed over the next five years by the addition of more than 5m sq ft of new shopping space.
“It creates an incredible opportunity for the sector and London economy as a whole.”