Lothbury Investment Management, on behalf of Lothbury Property Trust, has signed women’s and men’s apparel and accessories retailer Michael Kors at 28 James Street, WC2.
Michael Kors will pay a £733 per sq ft zone A rent on a new 10-year lease for the 2,500 sq ft shop. It is expected to open around Christmas.
Lothbury Property Trust’s holding at 25-31 James Street comprises retail and offices valued at £58.3m, which equates to 8% of the fund’s total property investment.
Mike Toft, senior fund manager and director of Lothbury Investment Management, said: “The Covent Garden units are one of the key assets in our portfolio and there was considerable competition for the lease, attracting a shortlist of four retailers. Michael Kors is a perfect fit for this address and is in line with our policy of attracting high-quality names to the prestigious properties in the Lothbury portfolio.”
Cushmore & Wakefield acted for Lothbury; CBRE advised Michael Kors.
annabel.dixon@estatesgazette.com
