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Great Portland Estates has bought a large redevelopment opportunity on Oxford Street from rival developer Land Securities.

GPE has acquired 76 Oxford Street at the eastern end of the shopping street, a prominent eleven storey office and retail 79,000 sq ft building.

GPE said it planned to refurbish the building in the near term and redevelop it in the medium term.

GPE owns three key sites at the eastern end of Oxford Street – including the adjacent 2.3 acre Rathbone Place redevelopment site – with the potential for more than 600,000 sq ft of redeveloped mixed-use space.

The east end of Oxford Street is undergoing substantial redevelopment over the next decade, including the opening of the Tottenham Court Road Crossrail Station, the entrance for which is opposite Oxford House.

Earlier this year Land Securities submitted a planning application to extend Oxford House (pictured) and convert the upper floors to 89 private residential apartments with a reconfiguration of the existing ground and basement accommodation to incorporate retail on the first floor. The proposed scheme totals 114,700 sq. ft.