John Lewis delays Oxford Street flagship redevelopment
John Lewis has been forced to delay its plans to raise £150m by selling a portion of its flagship store on Oxford Street due to turmoil in the commercial property industry.
The retailer had chosen a joint venture between developer Hines and Korea’s National Pension Service as the preferred bidder for the project to convert the upper floors of the building into offices, according to The Sunday Times.
The bidders were reportedly prepared to pay £150m for the portion of the building, which was expected to be worth as much as £750m once developed into offices.
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