US lifestyle brand Gant has surrendered its lease on Regent Street, W1, for around a £5m premium, paving the way for it to expand into a new London flagship.
The retailer, which was advised by CWM, secured the premium from the Crown Estate for its shop at 185-191 Regent Street, W1, where it has been based since 2005.
Gant will move into new premises opposite at 184-186 Regent Street, in the autumn. Its old shop at 185-191 Regent Street will now become available as a flagship opportunity to another retailer on the street.
It has agreed a 10-year lease with the Crown Estate for the 7,800 sq ft shop, where it will pay rent of £1m pa.
The space was occupied by luxury fashion retailer Hugo Boss. It spans ground and basement floors and is next to Hamleys and the new Kate Spade shop.
Scott Murdoch, managing partner at CWM, said: “We are pleased we were able to secure a new lease for Gant as well as a substantial premium for surrendering its existing lease back to the Crown Estate.
“The new store is in a better location on Regent Street and well positioned to service the high volume of shoppers passing by.”
The premium paid reflects the hike in demand from retailers looking to open shops on the street following the Crown’s £1bn regeneration project, which launched in 2002.
Pepe Jeans recently agreed a deal with Standard Life for its debut flagship. The denim brand is opening a 1,500 sq ft shop at 59-61 Regent Street on a 10-year lease and will pay £700,000 pa.
Michael Kors recently opened a 15,000 sq ft shop at 179 Regent Street – its largest in Europe.
Austin Reed’s former flagship at 100 Regent Street is currently being circled by international retailers hoping to move into the 23,500 sq ft site as its lease is being sold to fund manager Hermes.
Gant has 14 stand-alone stores across the UK, with six in central London.
CBRE acted for the Crown Estate; CWM advised Gant.
• To send feedback, email amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette
