Selfridges puts Fosters and Partners' flagship London store redevelopment proposals on hold
Foster and Partners' plans for a £300 million refurbishment of Selfridges' flagship Oxford Street store have been put on hold while the retailing giant waits to discover who its new owner will be.
The news comes just as the practice was preparing to submit a second planning application for the scheme after the first became stuck in planning for 18 months.
And the retailer is also believed to have asked Toyo Ito to halt work on a new Glasgow store. The Japanese office is currently drawing up concept designs for a landmark building for the city.
A Selfridges spokeswoman confirmed that the company has decided it would need to outline Foster's proposals to any new owner - currently believed to be Canadian billionaire Galen Weston - before giving them the go-ahead.
'This is such a vast project, we felt it was only fair that we wait for the new owner to settle in and assess the finances before it goes any further, ' the spokeswoman said.
Foster and Partners project architect Katy Ghahremani said the project was on hold but insisted it will still go ahead. 'There are still very positive noises coming from the client, ' she said.
If the 12-storey scheme does win the new owner's support, it would include an increase in the store's retail space to 60,000m 2, a separate 30,000m 2office development and a 336-room fivestar hotel with leisure facilities.