High street casualty Austin Reed’s flagship shop at 100 Regent Street, W1, has been put up for sale for £10m.
Alix Partners was this week appointed administrator to the clothing retailer.
The long leasehold of the store was first marketed for £17m in September last year, but no deal was agreed.
Hermes owns the long-leasehold and the Crown Estate is the freeholder.
The lease, which runs until 2033, is reversionary with the option of extending it by 17 years until 2050.
Austin Reed pays £2.9m pa for the 23,500 sq ft shop on the corner of Regent Street and Glasshouse Street. It is the firm’s largest and most valuable asset.
Retail agency GCW is marketing the lease separately to the remainder of Austin Reed’s 155-strong portfolio, which is also now on the market.
Austin Reed’s other most desirable shops are in Cribbs Causeway in Bristol; the Bentall Centre in Kingston upon Thames, Surrey; Poultry, EC2, and Canary Wharf, E14.
The remainder of its portfolio is in regional market towns.
The space is likely to appeal to retailers including White Stuff, White Company and Space NK, as well as coffee shops such as Caffe Nero and Costa, and mobile phone shops.
Austin Reed’s five priciest shops
| Address | Size (sq ft) | Rent (£ pa) |
|---|---|---|
| 100 Regent Street, W1 | 23,500 | 2.9m |
| Cribbs Causeway, Bristol | 4,000 | 422,000 |
| Bentall Centre, Kingston | 4,300 | 375,000 |
| Poultry, EC2 | 3,100 | 253,249 |
| Canary Wharf, E14 | 1,900 | 237,500 |
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