Topshop is closing its shop on Kensington High Street, W8, in a rare move for the clothing retailer in central London.
JLL has been instructed to market the 7,500 sq ft premises at 44 Kensington High Street, which trades across three floors.
Topshop said: “The Kensington High Street store will be closing on 21 May due to lease expiration. Customers will be able to shop at the nearby Knightsbridge, Brompton Road store.”
Kensington is the third most affluent residential area in London, with annual spending power of £13.2bn, behind Belgravia and Mayfair.
However, High Street Kensington has underperformed in recent years as it is in multiple ownership, unlike Regent Street and Marylebone High Street, making redevelopment or tenant revitalisation complicated.
In another indication of concerns over the future of the street, there is also around 73,500 sq ft of space on the market (see box).
Average rents on Kensington High Street are around £270 prime zone A. However, there are concerns that this may fall when the Westfield London extension opens next year and the government’s business rates revaluation takes place in April 2017 – a move which could force retailers to pay business rates based on 2008 rents.
Kensington High Street suffered when Westfield London opened in 2008. Rents on the street fell by 33.3% between September 2008 and September 2011, from around £300 to £260 prime zone A.
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