Burlington Arcade in Mayfair, W1, has been put up for sale for £400m.
Thor Equities and Meyer Bergman have appointed CBRE to sell the luxury retail destination, which is the oldest arcade in the UK. First unveiled in 1819, the arcade is now home to retailers including Ladurée, Vilebrequin, Chanel, Harry’s of London, the Vintage Watch Company, Lulu Guinness and Church’s. In the past two years, the arcade has welcomed luxury brands Manolo Blahnik, Frederic Malle, La Perla and perfume house Atkinsons. Thor Equities and Meyer Bergman bought the 0.5-acre freehold estate for £104m in 2010.
It is the UK’s longest covered shopping street, with around 37,000 sq ft of retail space.
“We have restored the lustre to this gem of a property and benefited from the anticipated surge in demand of brands from across the globe that are seeking to open stores in London’s luxury shopping quarter of Mayfair,” said Markus Meijer, chief executive of Meyer Bergman.
“The Burlington Arcade is a historical and architectural masterpiece, and one of the most renowned retail destinations in the world,” said Joseph Sitt, chief executive of Thor Equities. “With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.”
According to CBRE, investors acquired £2.3bn of central London prime retail property in 2016, with Oxford Street and Bond Street accounting for almost three quarters of the total. Drawn by the international brand presence, long leases and rental growth guaranteed by the capital, international buyers accounted for 80% of volumes – up from 65% in both 2015 and 2014.
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