Good news for the ongoing revitalisation of London’s Oxford Street continues as the former key Debenhams department store site prepares to welcome new tenants after a major four-year redevelopment.

The building at 340 Oxford Street has undergone a transformation and is being brought to market as a mixed-use complex, with 52,500 sq ft of double height flagship retail space (ground, basement, first-floor), expected to open in the final quarter of 2025.

It also includes 280,000 sq ft of “premium” office space and 13,000 sq ft of landscaped terraces with views across the capital, also set to open later this year.

The ‘island site’ sits on the junction of Oxford Street and New Bond Street and situated between both Bond Street crossrail station entrances.

Sam Foyle, co-head of global retail at Savills, which is marketing the space, said: “This is the largest flagship retail unit to debut in the capital in years and we have already experienced significant interest from world-class brands.

“The retail space, which can be divided into various configurations, ensures flexibility to meet demand accordingly. Such a once-in-a-generation opportunity will undoubtedly further elevate Oxford Street’s status on the global stage.”

The availablity of more prime retail space comes as IKEA is soon to open on Oxford Circus replacing the fashion giant Topshop’s flagship space, while last week sportswear/lifestyle giant Puma announced it will open its first ever European flagship store close to Selfridges this autumn.

The transformed site will sit alongside major stores including Zara, Uniqlo, Abercrombie & Fitch, Mango, Pandora, Disney and Manière De Voir.

Retailers have also collectively reinvested some £118 million in fitting out stores over the past year, including Nike, New Balance, Bershka, Massimo Dutti, Moss and Vans.

Also, vacancy rates there have dropped to their lowest level since before the pandemic, according to new data from Savills. Last year was a record one for retail activity on the street, with the vacancy rate falling 2.29 percentage points year-on-year.

Foyle added: “Oxford Street has experienced a phenomenal resurgence, one the capital hasn’t seen in decades.”