The Mayfair home of Swiss luxury retailer Piaget has been bought by a private European family investor for £65m – a 2.25% equivalent yield.
The property at 169 New Bond Street, W1, is let to Piaget, part of the Richemont Group and a manufacturer of watches and jewellery since 1874, on a 19-year lease at £1.1m pa. CBRE was instructed by the private Middle Eastern freeholder to sell the asset.
The buyer, a newcomer to the UK property market, fought off competition from four other parties. Kieran D Cotter & Co acted for the buyer.
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