Nightlife bounce back: Boom Battle Bar bags prime Oxford Street retail space
London’s Great Portland Estates has pre-let a prime Oxford Street retail space to competitive socialisation operator Boom Battle Bar, in a post-pandemic investment for both retail and hospitality.
The 15,200 sq ft space at 70 Oxford Street, part of the redevelopment of the area, is a prime capital spot for a bar looking to capitalise on London’s nightlife bounce back.
Competitive socialisation has become increasingly common in recent years and will likely continue its trajectory as retail and hospitality compete for customers once restrictions fully lift.
“Securing a prime site like this is as good as it gets in our industry,” Boom Battle Bar (BBB) co-founder, Rich Beese, said.
“This site brings us a step closer to our strategic vision of becoming the UK’s preeminent experiential leisure company, and we are confident that our uniquely competitive offer, will resonate deeply with customers in London”.
BBB has agreed to a fifteen-year lease, without break, at an initial minimum rent of £625,000 per year, with a further turnover top-up – but it will receive six months’ rent for free and a landlord contribution of £500,000.
Although the letting remains conditional until an alcohol licence has been acquired.
Great Portland Estates leasing director, Marc Wilder, said: “Retail is evolving to become more experiential and we’re delighted that BBB has chosen to open their first central London venue in our best in class development which is located directly opposite Crossrail in the most vibrant part of Oxford Street with adjacencies to Soho, Fitzrovia and Covent Garden.
“The quality and location of the building are clearly resonating with both retail and office occupiers alike and we have encouraging interest in the remainder of the space”.