Joint administrators agree sale of 214 Oxford Street to Ingka Investments

Joint administrators agree sale of 214 Oxford Street to Ingka Investments

New IKEA city store to be located in former Topshop and Topman home in the heart of London’s Oxford Circus.

The joint administrators of Redcastle (214 Oxford Street) Limited, Ed Boyle and Steve Absolom from Interpath Advisory, have agreed the sale of 214 Oxford Street – formerly owned by Arcadia and the home of their flagship Topshop and Topman store - to Ingka Investments, the investment arm of Ingka Group.

The transaction is expected to complete in January 2022. It will see the property in the heart of London’s Oxford Circus become IKEA UK’s second city-centre format store.

Redcastle (214 Oxford Street) Limited was a property-owning subsidiary of Arcadia Group and held the long leasehold interest in the 22,200 sqm / 239,000 sqft property. Prior to the lockdown measures introduced by the Government in response to the COVID-19 pandemic, the Topshop and Topman store welcomed hundreds of thousands of customers through its doors each week.

Ed Boyle, managing director at Interpath Advisory and joint administrator of Redcastle (214 Oxford Street) Limited, said: “We are delighted to have exchanged contracts on this iconic property, which sits at the cornerstone of London’s principal retail district. As shoppers, workers and tourists return to central London following the pandemic, IKEA’s presence in Oxford Circus will help further boost footfall and provide a real fillip for the city’s retail sector.”

The joint administrators were supported by Eastdil, who acted as sales advisors during the process.

Peter Geissel, managing director at Eastdil, said: “From the outset of this process, the level of interest shown in this landmark building was phenomenal. It’s great to see such an illustrious and famous name occupy this prime spot in the heart of London.”

The joint administrators were also supported by Sam Foyle from Savills who acted as leasing advisor during the process.


Contact us

For more information, contact Katy Broomhead at katy.broomhead@interpathadvisory.com