According to a report compiled by retail estate adviser Jones Lang LaSalle, London is the most attractive European location for international retailers.
Retail property will undergo a number of major changes during the next twelve months according to research from Jones Lang LaSalle (JLL). In its first annual property forecast since merging with King Sturge, JLL predicted that 2012 will be the year that long-term trends begin to play out in the retail property market.
According to a new study by Jones Lang LaSalle, New Bond Street, located in London’s prestigious W1 postcode has become the most expensive luxury shopping street in Europe.
The street, which joins Oxford Street to Piccadilly, now commands rents of £6,940 (EUR 7,900) per sq m. In comparison, rents on Paris’ famous Avenue Montaigne reach EUR 7,500 a sq m, while Moscow’s Stoleshnikov Lane rents peak at EUR 7,015 per sq m.
Although beaten in price, Paris is the reigning champion for holding the highest density of international luxury labels. The French capital remains Europe’s uncontested centre for fashion shopping, with the top 100 luxury labels operating over 150 luxury stores in the city. London came in second place with 125 stores from the 100 luxury brands, with Milan counting just under 90 and Moscow and Rome lagging behind with 66 and 59 luxury label stores respectively.
Martin Thomas, head of Jones Lang LaSalle central London retail, concluded: "The importance of London as a retail location for the luxury brands has continued, and the market, particularly in Bond Street. There are certainly no signs of rental growth slowing down at present and trade remains strong for so many of the top luxury brands."
The Reuben brothers have bought the Piccadilly Estate, in London’s Mayfair district, for about £130m, as reported by Estates Gazette this morning.
The estate, the former home of the “In and Out” club, was previously owned by trusts advised by Simon Halabi. Jones Lang LaSalle is advising on the disposal.
David Ross’s and Lloyds Banking Group’s Kandahar is in talks to sell the 80,000 sq ft Church Walk shopping centre in Caterham, Surrey, to BP Pension Fund for around £25m – a yield of just over 6%. Estates Gazette this morning confirmed the company is also selling the 53,200 sq ft St Mary’s Place in Market Harborough, Leicestershire, to RREEF, for around £18m – a 6.7% yield. Jones Lang LaSalle is advising Kandahar; Jackson Criss is advising RREEF.
The UK's second largest clothing retailer has signed up to a 20,000 sq ft store at Meyer Bergman’s Exchange shopping centre in Ilford, Essex.
According to Estates Gazette the store will be created out of five shops on the first floor, as well as taking in part of the food court area on the second floor. Jones Lang LaSalle advised Meyer Bergman on the transaction which will see Next stock its full range of women’s, men’s, children’s and home wear.
The signing comes as Meyer Bergman looks to make a number of reconfigurations to the centre, who acquired the centre twelve months ago. The firm is also looking to undertake a major rebranding exercise, all of which are planned for completion by the end of the year.
Comprising of 270,000 sq ft and over 90 retail shops, Next will join other major tenants at the centre including TKMaxx, New Look, Debenhams and WHSmith.
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