Dozens of landlords on London’s high-end shopping strip Bond Street could see rents double on the back of a £20m makeover announced this week.
Rents for shops on New Bond Street, which are in the region of £500 per sq ft zone A, could double to £1,000 per sq ft zone A by 2018, according to Beverley Aspinall, managing director of New West End Company’s Bond Street Development Group.
The rise would bring the rents to nearly the same level as those for its more lavish counterpart Old Bond Street, where rents are closer to £1,200 per sq ft.
Aspinall said the rise would be a result of NWEC teaming up with Transport for London and Westminster city council to implement the first major improvements to the street, which has 80 buildings, in more than 30 years.
The proposed improvements include increasing the amount of pedestrian space on Old and New Bond Street by 50% and introducing a two-way traffic scheme on New Bond Street and Brook Street to ease congestion.
Aspinall said: “There are clear economic benefits for retailers and landlords that will benefit from significant increased footfall coupled with arrival of Crossrail.”
