The developer has two schemes with potential starts dates over the next year


London-focused developer Great Portland Estates has said it is looking at the possiblity of a “substantial” redevelopment of 76 Oxford Street in the capital following Facebook’s decision not to take the space.

The social media giant had right of first refusal on a refurbishment of over 55,000 sq ft at the building after it took the whole office space offering at GPE’s flagship scheme Rathbone Place located just behind Oxford Street.

The scheme is part of GPE’s near term pipeline which also includes its joint venture project Hanover Square on New Bond Street where demolition has completed. GPE said both schemes could start on site within the next year depending on the market.

GPE reported a pre-tax loss of £140m for the year ended 31 March 2017, down from £555m for the previous year as it forecasted further weakening in the commercial market as Brexit bites in the near term.

However, the company has 12 schemes totalling 1.3 million sq ft which it is preparing for the next construction cycle. The projects include New City Court at London Bridge and Mount Royal at the western end of Oxford Street where the firm is planning a retail-led development on the two acre site.