Oxford Street’s Sleeping Giant Awakens
Architectural practice Studio PDP is driving the transformation of The Elephant at 318 Oxford Street, London, repositioning the former D H Evans – later House of Fraser – building as a high-performing mixed-use landmark, all while safeguarding its Art Deco pedigree.
Built in the 1930s amid rare civic confidence, D H Evans was conceived as permanent urban infrastructure, not disposable retail. Conceived as a civic monument rather than a speculative shell, its steel frame, expansive structural grid and deep floorplates were engineered to outlast cycles – a foresight now translating directly into redevelopment value.
Alongside its neighbours, it helped shape Oxford Street into a modern promenade – what celebrated historian Nikolaus Pevsner memorably described at the time as a ‘flotilla sailing majestically along the street’.
Retail’s decline exposed the fragility of single-use high streets, but these buildings were over-specified for their time – and that resilience is now their edge. As Oxford Street pivots toward pedestrianisation, placemaking and diversified occupation, scale, adaptability and embedded heritage translate directly into long-term asset value and reduced redevelopment risk.
Studio PDP’s intervention retains and restores the original fabric while introducing three new floors, active frontages and flexible uses designed to maximise commercial performance. Stepped back terraces will give outdoor space with 360-degree views across London. The strategy not only protects the building’s architectural capital but unlocks measurable uplift — enhancing rental tone, broadening occupier appeal and driving sustainable long-term value growth.
For developers, The Elephant demonstrates that London’s interwar department stores are not legacy liabilities but structurally powerful, strategically positioned assets capable of delivering both cultural relevance and compelling commercial returns — ready to lead Oxford Street’s next cycle of growth.
Join a guided tour to witness how this historic former department store is being transformed into a new mixed-use destination.
Guided by Studio PDP, this is an opportunity to see how the project is progressing. Tours will be held on Thursday 23rd and 30th April 2026.
