According to The Independent, the building has been bought by Weston-family firm. The fashion chain French Connection has a lease that runs until 2025, but Selfridges could take ownership sooner. French Connection recently agreed to pay more than £3.2m a year for the store after a rent review arbitration found against the chain, so might be amenable to getting the expensive site off its books.

The Weston family's plans with the site are not clear yet, but there is speculation that they will create a new store format. Selfridges already has plans to redevelop its hotel to the rear of its location.

Allied Irish Banks AIB has taken control of the building as part of a move against property investor Liam Smyth.

The bank has appointed a property receiver over the six storey building with offices and shops (FCUK and Jane Norman). Smyth bought the building in 2009 for almost £60 million with loans from AIB. It is expected to be put on the market for around £80 million, as AIB seeks to recoup what it is owed.


Source: The Post http://www.sbpost.ie/news/ireland/aib-takes-over-oxford-street-fashion-b uilding-58175.html