Fenwick is to close its department store on New Bond Street, W1, after more than 130 years.
The department store group confirmed yesterday that it had made the “difficult decision” to sell the five-storey building to Lazari Investments, which is run by the descendants of Chris Lazari, the late billionaire property developer.
Fenwick did not disclose the sale price but agents believed it had fetched about £430m. Although the deal is expected to complete early in the new year, the store will remain open until the beginning of 2024.
Fenwick is jointly owned by about 30 family members and trades from nine department stores. That includes the one on Bond Street, which despite its prestige makes fewer than half of the sales of Fenwick’s bigger shops in Newcastle, Brent Cross and Kingston upon Thames.
