Hong Kong-based Circle Group has let 409 Oxford Street, W1, in a new record rent deal.
Polish cosmetics retailer Inglot has agreed a deal for the lease for £1,113 Zone A – a new record for the famous central London shopping street.
The previous record on the street was a letting to Swatch Group Ltd at £1,010 Zone A in July 2015.
Inglot has agreed a 10-year lease for the 600 sq ft shop at a total annual rent of £625,000. The store will be its third in the UK following successful openings at Westfield London, W12, and Westfield Stratford City, E20.
Sam Foyle, Oxford Street specialist at Savills, said: “We are pleased to have secured another hugely successful global brand for Oxford Street. Competition among retailers for the best locations remains aggressive, as reflected by the record rent agreed with Inglot.”
Anthony Selwyn, head of central London retail at Savills, added: “Oxford Street continues to act as a strong magnet for new brands coming to London. Given Crossrail’s influence and discussions about the potential pedestrianisation of Oxford Street, we expect to see a surge of new entrants focusing on the street over the next 12 to 24 months.”
Inglot was represented by BC Retail; Savills advised the landlord.
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