Grigory Guselnikov has agreed to acquire the Rolex flagship store underneath One Hyde Park on behalf of Williston Properties, a newly formed property fund.
The £12.5 million price tag will now be seen as a benchmark price for retail property in London’s Knightsbridge district. With a net yield of less than 3 per cent, a record for the area, the deal shows the high level of interest in the city’s prime property among overseas investors.
The property, which is located adjacent to the Mandarin Oriental hotel, will be leased for a further 15 years at a rent of £400,000 per year, amounting to about £300 per sq ft.
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