Antiques dealer Mallett has slashed its London showroom rent by 54% following a relocation to Dover Street, W1.
The retailer said its 2012 rent of £550,000 will be a reduction of £650,000 on its rent last year.
The change follows a new 15-year lease on Ely House, and exiting 141 New Bond Street. The sale of the lease to Italian fashion house Fendi for £1.7m, generated a £1.3m exceptional profit, Mallett said today in its results for the year to 31 December.
Mallett decided to leave the building following a 30% rise in its rise.
At Ely House, the firm may consider letting more parts of the property to mitigate rental costs further.
Chief executive of Mallett, Giles Hutchinson Smith, said: “We are delighted to have concluded the move of our London showroom to significantly reduce our cost base and set Mallett up for a new strategy for growth.”
joanna.bourke@estatesgazette.com
