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Topshop starts £420m sale of London flagship store

According to The Times, the sale of the retailer’s Oxford Street site has begun with buyers guided towards a £420m price

Topshop has reportedly started the sales process of its former flagship store in London’s Oxford Street, for a price tag of £420m, according to The Times.

Valued at £500m two years ago, the six-storey site is considered a Grade II listed building and is being advertised as a “new age retail concept”.

The Oxford Street store is also home to Nike’s largest store in Europe and a retail outlet let out to footwear brand Vans, as well as office space on the upper floors.

Named Project Infinity, the sales process is fronted by real estate adviser Eastdil Secured on behalf of KPMG, which was appointed administrator to Redcastle 214, which was the company that owned the building when Arcadia collapsed in December last year.

The first £311.6m of any sale will go to private equity firm Apollo, which lent against the building in 2019, with further proceeds going to Arcadia’s pension scheme, which had a deficit of £510m when Arcadia fell into administration.

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