Sports Direct acquires Oxford Street property for Flannels
Sports Direct bought the property for £108m through its wholly owned subsidiary SDI (Oxford Street) Limited from CIP Property (AIPT) Limited.
The sports retailer will redevelop the property and use the retail part of it for a new Flannels flagship store. Flannels is Sports Direct's luxury multibrand retailer, and the company is currently giving its stores a makeover. Flannels has stores in cities including Manchester, Liverpool, Leeds, Birmingham, Nottingham and Cardiff, but this will be its first London location.
The office space above the Flannels store will be used as the Sports Direct Group's new London office, replacing its former offices at New Cavendish Street. Completion of the acquisition is expected for the end of this month. Sports Direct's new space is strategically located close to Tottenham Court Road and Oxford Circus, and in an area that is set to receive plenty more footfall when the new Crossrail station opens.
Sports Direct recently lowered its full-year core earnings forecast after Mike Ashley, the owner of the sportswear retailer, revealed a trading slowdown.
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