Construction of the new Oxford House building is progressing well with the core now complete, reports GPE in its' latest trading update.

The building will deliver 81,200 sq ft of new offices and 37,900 sq ft of retail space directly opposite the Dean Street entrance to the Tottenham Court Road Crossrail station and completion is targeted for Q2 2021, with an expected profit on cost of 17.0%.

Occupier interest for the office space has been strong, given the quality of the building and the continued lack of new-build office supply in the core of the West End. As a result, the entirety of the office space is under offer with the negotiation of detailed terms ongoing.

GPE will commence shortly the marketing of the retail units and, despite both the challenging UK retail environment and delays to the opening of Crossrail, early signs of occupier interest are encouraging.

Source: Great Portland Estates plc Trading update for the quarter to 31 December 2019.