The amount of retail space under construction in London will increase by almost eight million square feet, the equivalent of London’s flagship retail streets of Bond Street, Oxford Street and Regent Street combined, over the next five years, according to CBRE, the commercial property and real estate services advisor.
Advance figures from CBRE’s latest IN_retail report reveal planning permission for a total of almost eight million square feet of new shopping space has been granted across London in zones 1 and 2. Almost three million square feet will be within three retail-only developments at Croydon, Westfield London and Brent Cross. They will account for 1.5 million, 698,000 and 592,000 square feet respectively.
The remaining five million square feet has been given permission to be built across 30 sites in the so called ‘London Halo’ of zones 1 and 2. Developments range from retail as part of mixed used schemes, such as at Earls Court where shopping is alongside residential schemes, through to office-led developments including retail at King’s Cross.
Hugh Radford, chairman Central London Retail at CBRE, said: “London will see 1000,000 new residents arriving every year with another 1 million forecast to want to live in the capital by 2025. These new Londoners will need places to eat and places to shop.
“Existing prime retail locations are bursting at the seams which means that confidence in the sector and its future potential has accelerated investment. This will mean London’s landscape is transformed over the next five years by the addition of more than five million square feet of new shopping space. It creates an incredible opportunity for the sector and London economy as a whole.”