Hines buys Oxford Street scheme for £41m

Hines has acquired Transport for London’s 354-358 Oxford Street development opposite Bond Street Station, W1. The mixed-used scheme, the site of which was used as part of the tunnelling process for Crossrail, has planning consent for 17,000 sq ft of commercial and residential space. Hines UK acquired the development on behalf of Luxembourg-based Hines European Value Fund. It is the fund’s first London asset and its fifth acquisition in the past 12 months. It is understood that Hines paid around £41m for the site, which was previously valued at £40m and is estimated to have a GDV of £70m. The