by Chris Phillips
The opening of Mary Quant’s new colour shop at 21 Carnaby Street in London’s Soho heralds the return of the famous fashion street to the forefront of shopping. Mary Quant’s move to the internationally known “swinging” street is strategic. She has no interest in rekindling the mood of a generation ago, but instead has spotted the new spirit of the 1980s.
Carnaby Street and the adjoining streets are re-emerging with a style and originality that comes from its new generation of tenants. Media people have been quietly moving on to the estate in preference to the high rents and relative inaccessibility of former trendy haunts like Covent Garden. The retailers are now following the high spenders.
In June 1983 Peachey Property Corporation acquired the Carnaby Estate in London’s West End from The Crown Estate. This consisted of most of the west side of Carnaby Street, and Kingly Street, which Peachey added to their existing freeholds on the east side, including Newburgh Street, Fouberts Place and Ganton Street.
Advised by Healey & Baker, Peachey took dramatic action to realise the potential of the estate. The initial stages of a comprehensive programme of improvement began with the renewal of paving, the erection of clear signage, and the strategic placing of street furniture. A strict management policy was implemented: the previous tenant mix was poor, with a lack of variety of merchandise and little regard for the requirements of those who would shop in the area. Many tourists were drawn to the international reputation of the street and the “magic” of the name, only to find it had few attractions and was full of equally disappointed fellow tourists. In spite of this, surveys carried out by the British Tourist Authority in 1984 still showed that 38% of overseas visitors to London intended to visit, or had visited, Carnaby Street.
Part of Peachey’s policy was to purchase leases and to relet to the successful retailers of the 1980s, the aim being to achieve the very best tenant mix.
In spring 1986, Scribbler, the successful Covent Garden cards and gifts retailer, was the first of the new tenants to arrive, taking premises at 39 Carnaby Street, which comprised approximately 1,350 sq ft on ground-floor and basement levels, at a rent equating to approximately £55 zone A (on a 20 ft basis). Monsoon subsequently secured 42 Carnaby Street, totalling approximately 780 sq ft on ground-floor and basement levels, at a similar zone A rental.
Sophie Mirman’s rapidly expanding Sock Shop chain followed closely on their heels, agreeing to take a new lease on no 28a, although owing to the fact that substantial building works were required to the building possession has only recently been granted. Other well-known names were also secured, including Benetton at no 43, Confetti at no 48 and Cobra Sports at no 41.
Mary Quant has now shown confidence in the future of the street by agreeing a rent of £35,000 pa for 625 sq ft over ground-floor and basement levels. This popular fashion leader feels that the area is the most exciting place in London in which young inventive people work and enjoy a dynamic environment.
As modern retailers were secured, so rental values increased. The latest letting has been to Midas, where terms have been agreed to let no 22, comprising 471 sq ft of ground-floor sales and 334 sq ft at basement level, the rent equating to £120 zone A! Midas opened their first shop in the area a few paces away in Ganton Street last November and this will become their men’s outlet following the opening of the ladies’ shop.
Those who venture off the main street itself will be impressed by the originality of many of the new tenants, such as the top fashion designers Richmond and Cornejo, who have taken a shop front with workshops above. Sally Tuffin and Marion Foale did exactly the same thing when they opened their first shop in 1961. The low rents being charged then were conducive to the initial success of Carnaby Street, and it is believed that Newburgh Street today has similar potential.
At 12 Newburgh Street, the former Colin Wilde Taylor Shop, comprising 730 sq ft on ground, basement and first floors, has been let to fashion designers Boyd and Storey at a rent of £13,300 pa exclusive. Karen Boyd feels that Newburgh Street not only offers reasonable rents in a central locality but also a friendly working atmosphere. Peachey have redeveloped another prime site in Newburgh Street, bounded by Lowndes Court and Marlborough Court, and seven shop units with studios on the upper floors were created.
The keen interest in these units saw lettings agreed with Academy, the Kite Store, Book Bargains of Oxford, Dressed to Kill, Humla and Fast Forward. Rents ranged from £9,000 pa for the 476-sq ft Humla fashion shop to £14,500 pa for a corner unit on two floors, totalling 678 sq ft, let to designer stockists Academy. This company has a branch on the King’s Road.
Foubert’s Place, which links Carnaby Street with Regent Street, has also seen a rapid transformation. Maison du Pantalon Clochard and Fil A Fil, the latter having recently been bought by Next, have both gained representation, taking new leases on nos 12 and 10 respectively. No 8a Foubert’s Place, which comprises a ground-floor unit of 339 sq ft, has been let to The Shave Shop, a new men’s toiletry specialist, at a rent equating to over £90 zone A. No 20 Fouberts Place has been let to a cosmetics company, and 29-30 Kingly Street to a well-known menswear retailer.
Peachey have long been aware of the lack of good restaurants on the estate, and to complement existing tenants such as Cranks and The Nut House, 10,000 sq ft of the redeveloped Carnaby Court Flea Market has been let to the French restaurateur Chantergrille, who have recently taken premises in the Chelsea Harbour scheme. The remainder of Carnaby Court on Carnaby Street, totalling some 12,000 sq ft, has been let to Underwoods Chemists.
Underwood Real Estate are also completing a new development just off Carnaby Street at the junction of Broadwick Street and Marshall Street, which will incorporate four retail units together with offices and flats. The shops will be available in the late spring.
Peachey’s crusade to bring the fashion back to Carnaby Street is definitely working, and much of the frontage on the Carnaby Estate is now let to new upmarket traders. Demand from other potential tenants has reached an all-time high. There has been a massive uplift in the value of the Carnaby Estate in the last 12 months, and with refurbishments planned through 1988 this growth is likely to continue.