RE03 Field Trip: Exploring Oxford Street's Real Estate Development

Introduction

The RE03 field trip, integral to the Real Estate Development course, provided MPhil students from the Real Estate Finance program a practical exposure to the ongoing and transformative developments along Oxford Street, London. The excursion was designed to blend theoretical learning with real-world insights, as students engaged directly with leading figures in London’s real estate sector.

Field Trip Overview

The field trip took place on Monday, 22nd April 2024, with students commencing their journey from Cambridge to London. The day was structured to explore key projects and developments along Oxford Street, starting at 1 Soho Place and concluding at 80 New Bond Street.

Key Visits and Learnings

  1. 1 Soho Place: The trip kicked off with a presentation by Paul Williams, CEO of Derwent, who outlined the intricacies of developing a commercial space atop a busy urban transit hub like Tottenham Court Road Underground Station. This project set the stage for understanding the blend of architectural ingenuity with commercial viability.
  2. Retail Dynamics on Oxford Street: Sarah Goldman and David Kenningham provided an in-depth analysis of retail trends affecting the area. The students learned about the challenges and strategies in maintaining Oxford Street’s status as a premier retail destination amidst fluctuating market dynamics.
  3. Walking Tours and Case Studies:
    • 1 Newman Street: This segment included a tour and a case study presentation by Toby Courtauld and Dan Nicholson from GPE. The discussion focused on sustainable development practices and the integration of innovative technologies in real estate.
    • 80 New Bond Street: Ross Blair of Hines discussed the redevelopment of this historic site, emphasizing the financial and regulatory hurdles overcome to bring modernity while preserving heritage.

Tie-in to the RE03 Coursework 

A notable aspect of the RE03 field trip was its strong connection to the comprehensive re-development project of 214 Oxford Street (formerly Topshop/Arcadia, now NikeTown, and soon to incorporate IKEA). The coursework modelled this transformation in theory, while the field trip offered practical exposure.

At Bar Remo, Garry Wilding and the BDP Architects team, responsible for the 214 Oxford Street redevelopment, presented their strategies for the project. They highlighted the architectural and commercial plans, emphasizing sustainability, adaptive reuse, and design strategies to optimize the space.

Their presentation tied directly into our RE03 coursework, underscoring the practical challenges and innovative solutions required in complex real estate projects. Students witnessed firsthand how the theoretical principles discussed in class were applied to create a revitalized, multi-purpose space that blends historical significance with modern retail and commercial trends.

Networking and Professional Insights

Lunch at Bar Remo and informal discussions provided students with networking opportunities with industry leaders. This interaction was invaluable in linking academic concepts with industry practices, as noted by Richard Alsop and Guy Harris during the walking tour segment.

Conclusion and Impact on Students

The field trip effectively bridged the gap between classroom theories and real-world applications in real estate finance and development. The firsthand experiences and the knowledge shared by the hosts at various sites provided the students with a deeper understanding of the complexities and dynamics of London’s real estate market.

Acknowledgments

We extend our deepest gratitude to our professor Marc Mogull and the CLEAB for their impeccable organization and guidance, which were instrumental in the success of our field trip. Additionally, we sincerely thank the organisations that contributed to this enriching experience: Apollo Management, BDP, GPE, Hines, Hanover Green, and Kenningham Retail. 

Feedback from Students

As we walked the length of one of the world's most renowned retail destinations, it was as if the theories and models discussed in class came alive around us.

The field trip was not just an educational excursion but a vibrant and inspiring journey that vividly highlighted the relevance and impact of our studies. As we continue to forge our paths in the world of real estate finance, the insights gained from this experience will undoubtedly serve as a cornerstone of our professional and academic growth. 

This day on Oxford Street has left an indelible mark on our academic journey, turning theory into practice in the most dynamic way possible.

View some photos of the field trip here:

People in the street
People standing
Group photo
People standing
A large room with people
Presentation
Group photo
People standing in the street
Skyline
People standing in the street