The iconic House of Fraser store in London’s Victoria is scheduled to shut down next year. This closure follows in the footsteps of other renowned London establishments such as Dickins and Jones, Bourne & Hollingsworth, Swan & Edgar, and Debenhams, marking the end of an era for these historic landmarks.
Situated on the former Army & Navy Stores site, the current 1970s building on Victoria Street will be demolished to make way for a new £750 million mixed-use development. The plans, which include the construction of a 16-storey building with office and retail spaces, are expected to be approved by Westminster Council. However, it is worth noting that only around 20 shop units are planned, with the majority of the space dedicated to offices.
Despite the imminent closure, the House of Fraser store will not cease operations immediately. The lease includes a break clause that will only come into effect next summer, allowing the store to continue trading until then. This particular location has been home to a department store since it first opened its doors in 1872, adding to its historical significance.
Interestingly, House of Fraser currently pays no rent for the premises. This aligns with the observations made by the developer, highlighting the ongoing shift in the retail landscape towards smaller and more adaptable retail units rather than large department stores.
BentallGreenOak, the company that acquired the site for £103 million in 2005, is the current owner of the property. With the closure of House of Fraser, this prime location in Victoria will undergo a remarkable transformation that reflects the changing dynamics of the retail industry.
Useful links:
1. Victoria Business Improvement District
2. Westminster City Council
