Luxury leather retailer Connolly has bought a former art gallery building in Mayfair to house its UK flagship store.
Famed for supplying leather for Rolls-Royce cars, the firm has become the latest retailer to buy a West End building for its own occupation to avoid soaring rental costs in W1.
It has paid just over £12m for 4 Clifford Street, W1, in the heart of London’s luxury retail quarter.
The 4,000 sq ft vacant building was bought from a private Swiss vendor.
The new owner is expected to work up refurbishment plans for the asset, which was previously used by Italian art gallery Imago.
Charlie Smith, managing partner at London Real Estate Advisors, which acted for the vendor, said there had been more than 80 viewings for the building.
“We took calls from all over the world, from a number of high-end fashion designers, art dealers, people looking to set up private family offices and also owner-occupiers and developers looking to convert it to residential,” said Smith.
Connolly is the latest in a line of new owner-occupiers in the area. Prada purchased two Bond Street properties in 2013, while in July 2014 Cartier parent Richemont and Oxford Properties invested £300m – a 2.4% yield – buying five properties on New Bond Street.
Orme Retail advised Connolly.
