The UK’s highest retail rent has been agreed on New Bond Street, W1.
Luxury watch brand Hublot has smashed the previous record by 14%, signing a deal at £2,000 per sq ft for a new flagship store at the Pollen Estate’s 14 New Bond Street, W1.
Hublot, which is part of the LVMH group, has agreed a 20-year lease for the 1,800 sq ft shop, which comprises basement, ground and first floors.
It is likely that Hublot will relocate from its existing shop at 31 New Bond Street.
Bond Street retail rents have doubled in the past six years, according to Savills. In March, an Indian jeweller set the previous record, paying £1,750 per sq ft zone A. By comparison, Oxford Street rents rarely top £1,050 per sq ft.
Hublot is the latest in a string of watch and jewellery retailers to raise the rental ceiling on Bond Street. Swiss watchmaker Patek Philippe set a new high in 2014 when it paid Watches of Switzerland £10m for the remainder of its lease at 16 New Bond Street.
Last year, 10 luxury watch shops opened in the West End, which Deloitte said was driven by an increase in overseas consumers coming to London.
BNP Paribas Real Estate acted for LVMH; KLM advised the Pollen Estate.
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