Former House of Fraser in heart of Richmond-upon-Thames to be transformed into modern workspace and leisure offer.
Clifton have advised long standing clients, Sheen Lane Developments (Sheen Lane) on the purchase of the iconic Department Store on George Street for £28,000,000.
The site is located at the heart of Richmond-upon-Thames, one of London’s most affluent and desirable areas, and within five minutes’ walk of Richmond station and the riverside. It comprises the original landmark department store, which dates back to the 1960s and fronts onto George Lane, as well as four adjoining retail units, and totals 79,810 sq ft across five floors.
It has been acquired by Sheen Lane, a privately-owned developer based which has delivered 2,200 residential units across 41 schemes in the London and the South-East and recently completed Evergreen Studios and Greyfriars Studios, both Grade-A office refurbishments in Richmond. Sheen Lane, which is based in Richmond, has acquired the former House of Fraser store with the intention of delivering a mixed-use development comprising modern, flexible workspace and leisure uses.
Jim Remfry, Co-Founder at Clifton commented:
“The former House of Fraser store is one of Richmond-upon-Thames’ most recognisable buildings, fronting onto the prime retail pitch and with large open floorplates adaptable for a range of uses. We are delighted to advise Sheen Lane on the acquisition and look forward to working together to curate a new leisure, wellbeing and business space offer.”
Martin Tynan, Director at Sheen Lane Developments, said:
“This building is of great importance to the vitality of Richmond town centre, and we have a great tenant line-up looking to take occupation in 2023. We look forward to working with the Local Authority to realise the potential of this building to reinvigorate this end of the high street and retain Richmond’s competitiveness as a commercial and leisure destination.”
Clifton are staying involved throughout the re-development, and will be advising on asset management and lease negotiations with future occupiers.
This is the fourth former House of Fraser transaction that Clifton have advised on, with the two most recent locations being the HOF on King William Street in the City, and the HOF department store in Exeter.
If we can help with acquiring or selling any similar large format stores, please get in touch with the Clifton team.
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