Great Portland moves to clean up Oxford St

Great Portland Estates paved the way for the next stage in the revamp of Oxford Street's tired eastern side today with plans for a £100 million development.

The firm has swapped a freehold in its 79/89 Oxford Street building for a 250-year leasehold in the same site and the adjoining property, in a deal allowing it to redevelop the bigger site near the planned Dean Street entrance to the Crossrail transport link at Tottenham Court Road.

GPE could start work in 2015 on the new building, which will contain 82,000 sq ft in office and retail space, when current leases expire. Retailer Primark last year revealed plans for a major new store on Oxford Street's east side.

Chief executive Toby Courtauld said: "The properties are located in an exciting area of London set for major change."