Investment into central London retail rose by almost 40% in the first six months of 2024, according to figures from CBRE.
Total investment in H1 was £672m, up from £485m in the same period in 2023. Figures for Q2 2024 alone were £424m, an uplift of 71% on the previous three months and 40% up on the same period last year.
CBRE said that Bond Street has attracted most of the investment activity, representing almost 60% of all retail investment in central London for H1 2024.
CBRE executive director Phil Cann said: “We continue to see strong investment for key central London locations, with Bond Street remaining a primary area of focus and, in particular, luxury brands beelining for the middle of New Bond Street as they look to cement their physical position.
“With rental growth being realised in a number of locations, investor confidence continues to grow, and we expect full year investment volumes to exceed last year.”
Letting activity is also on the rise, with more deals being done for bigger space, particularly on Oxford Street.
CBRE found that on average, brands had increased their space by 195%.
Since the start of 2024, a total of 19 transactions have been completed on Oxford Street, totalling 170,000 sq ft.
CBRE’s head of retail Graham Barr, said: “Off the back of a record year for leasing activity, there have been no signs of a slowdown so far this year.
Despite the competitive pressures of online shopping, it is clear that consumers want a holistic, in-store shopping experience. The strong activity levels across the board and a robust development pipeline firmly puts London’s West End back on the international stage.”
Photo © Alex Lentati/LNP/Shutterstock
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