Italian luxury brand Salvatore Ferragamo will pay £1.6m pa on its store at 24 Old Bond Street, W1.
Salvatore Ferragamo has been in occupation at the store since 1967. However, it has agreed terms with the landlord, NFU Mutual, to extend its lease and incorporate the first floor. Its store will now comprise 7,500 sq ft arranged over basement, ground and first floor.
Salvatore Ferragamo intends to complete the fit-out works in time for the London Olympics.
Paul Endicott, director of retail at Savills, which advised NFU Mutual, said: “Following on from the recent letting to Belstaff, this represents another record-breaking deal at a rent equivalent to £1,000 per sq ft Zone A. This deal demonstrates the continuing strength of Bond Street and the increased demand for prime shops by the larger fashion brands, proving that these high rents are not confined to the small jewellery shops around Asprey.
“Due to its enduring appeal to luxury brands, Bond Street will continue to see rents advancing strongly and, with yields falling below 3%, this is having a dramatic impact on capital values.”
All in UK represented Salvatore Ferragamo.
annabel.dixon@estatesgazette.com
