Strategic Real Estate Advisors has let the 10,000 sq ft ground floor of its Time and Life Building to Italian cashmere retailer Loro Piana a £1.3m pa.
Loro Piana has taken a 25-year lease at the former MaxMara and Ballantyne stores at the building on Bond Street, W1. The retailer immediately sublet 2,500 sq ft of the space back to Ballantyne at an annual rent of about £600,000.
The deal is just one of a recent flurry of deals completed on Bond Street.
Luxury jeweller Moussiaff has taken 4,850 sq ft at 172 New Bond Street at a record Zone A of £700, while fellow jeweller George Jensen has regeared its lease at 15 New Bond street at a rent reflecting a £550 Zone A.
Terms have also just been agreed on the former Bluemarine store at 12 Old Bond street. The 1,600 sq ft store is under offer to a watchmaker Omega at a rent reflecting a Zone A of about £440. The shop will be Omega’s first standalone store in the UK.
138 New Bond Street is also under offer to an overseas retailer at a zone A of about £350.
Peter Mace, head of retail agency at CWHB, which acted for Strategic, said activity on Bond Street was improving after two years of relative inactivity.
“A lot of luxury retailers decided not to do much for a long time but things are now picking up again. Retailers are realising that it’s a good time to start expanding again,” he said.
References: EGi News 05/05/05
