TK Maxx to open on Oxford Street

Discount retailer TK Maxx will be taking its most high profile store in London to date, in prime shopping location Oxford Street.

The retailer has signed a 10-year lease for 203-207 Oxford Street, a 30,000 sq ft store, formerly occupied by fast fashion brand New Look, which is in the process of scaling back its store estate.

Owned by Pontegadea, the investment vehicle for billionaire Zara founder Armancio Ortega, the four-storey store on the east side of the street close to Oxford Circus, carries an annual rent of £2.5m, according to Property Week.

Westminster City Council recently unveiled its new vision for Oxford Street, which includes major improvements at key locations, including a new public piazza style space at Oxford Circus and a reinvigorated gateway to the West End at Marble Arch.

The plans are currently under public consultation and were drafted after an earlier proposal, conceived in partnership with Transport for London and the London Mayor's office, to pedestrianise the west side of the street were dropped.