West End prime retail rents could soar by more than 60% in the next two years, Cushman & Wakefield has forecast.
Oxford Street East rents could rise to £450 per sq ft in 2013, from the current average of £275 per sq ft, the agent predicted at its joint West End property conference with Boodle Hatfield.
Other forecasts for the capital included New Bond Street South rates jumping to £1,500 from £975 per sq ft, and Marylebone High Street rates increasing £75 to £300 per sq ft.
C&W also calculated that although 60% of the 145 retail units on Bond Street have been traded over the past decade, only 10% have been traded more than once, and with limited units available lease premiums have been pushed as high as £7m.
Justin Taylor, chief executive, UK retail & leisure, at C&W, said he believed the West End would continue to be a safe haven for real estate investors.
joanna.bourke@estatesgazette.com
