The Bookseller.com

18th May 2008

« Headlines

Foyle bids for Charing Cross Road neighbour

08.05.08 Graeme Neill

Foyles could tighten its grip on London's Charing Cross Road after the independent bookseller's chairman Christopher Foyle bought the building next door.

Foyle's investment company Noved acquired the site of 111 Charing Cross Road for an undisclosed sum. 107–111 Charing Cross Road, approximately 115,000 sq ft, is currently the home of Central St Martins School of Art. The school will move to a new site in 2011, and Foyle said Noved was also bidding for 107 and 109.

Foyle told The Bookseller that if the acquisition went ahead, it could lead to a possible resiting of its flagship bookshop, which resides at number 113–119. "It will depend on how much of the existing area and any newly acquired area we end up owning, and resiting will not happen for another four to six years," he said. "We have to assess a little nearer that time how much or how -little space Foyles will need depending on how traditional retailing develops over the next few years and how our plans for possibly acquiring synergistic businesses that we might wish to integrate into Foyles proceed or not."

Foyle said that if the investment company was successful in acquiring the three buildings, it would be likely to be a "mixed development" featuring retail, educational, office and residential use.

Retail Foyles Graeme Neill Home Charing Cross Road