A Turkish conglomerate has bought the home of Victoria Beckham’s flagship store on Dover Street, W1.
Aydın Doğan, who is the major shareholder in Doğan Holding, is understood to have paid £42m for 36 Dover Street, a yield of around 3.25%.
Doğan Holdings operates in the energy, media, industry, trade, insurance and tourism industries.
The ground-floor retail space at the 14,648 sq ft block is let to Beckham Ventures – the privately held company owned by Victoria and David Beckham that operates the former Spice Girl’s fashion line – for a remaining seven years.
The block, which provides an annual rental income of £1.4m, was redeveloped in 2014 and houses office tenants including Castleforge Partners, Hampden & Co and Integration Management Consulting. Office rents in the building average £90 per sq ft.
Beckham moved took the premises in 2013 and since then Dover Street has seen a surge in demand from other high-profile retailers such as accessories brand Varana and zone-A rents have now risen to more than £500 per sq ft.
Savills advised the private Austrian vendor.
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