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Selfridges has confirmed that Stanhope will redevelop its Oxford Street headquarters in conjunction with Foster and Partners. The £250 million development will include a luxury hotel, an extra 10,000m2 of retail space to the north of the site, and commercial leisure facilities in a major new building likely to be two to three stories above the existing sixstorey block. In exchange for its investment, Stanhope will be granted a 175-year lease on the building. Planning applications are not expected to be made for at least a year and the project could take up to six years to complete.

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