GPE announces three key lettings as Tumi moves to bigger site, one major buy
GPE -- formerly Great Portland Estates -- has been busy on the lettings and buying fronts. The London property giant has signed three retailers to take on a total 8,800 sq ft space with a combined rent of over £2 million per annum in its central London portfolio. Meanwhile, GPE has also purchased a 43,000 sq ft leasehold property, currently home to the Fashion Retail Academy, for £36.5 million.
First those lettings. International accessories brand Tumi is relocating to a new 3,570 sq ft global flagship store on a prominent corner at 128/130 Regent Street, with the ground floor and basement. The new flagship will showcase Tumi's new store concept and is anticipated to open in September with the travel brand's full collection of modern luggage on offer.
Mark McGuigan, Tumi General Manager UK & Ireland said: "The UK is a key market for Tumi, and the relocation of our flagship store… shows the confidence we have in London, and specifically the West End and Regent Street itself.”
The next two signings are more secretive. GPE has also let the adjacent unit (2,650 sq ft) at 126 Regent Street to an undisclosed retailer that is also relocating within Regent Street, "to create a new flagship offer".
In addition, one of GPE's joint ventures has let a further 2,590 sq ft unit at its recently completed development at 68 New Bond Street/Hanover Square to a “confidential luxury accessories brand”.
GPE said this is its fifth retail letting at Hanover, joining both Canali and Pronovias on New Bond Street and Moyses Stevens and Watchhouse within the courtyard space.
Sarah Goldman, Senior Portfolio Manager at GPE, said: "These three deals show that London's retail market is turning a corner. With footfall now recovering to pre-pandemic levels ahead of the Elizabeth Line opening in the coming months, it's an exciting time for these brands to be opening their latest stores in the capital."
And now for the purchase of 7/15 Gresse Street/12/13 Rathbone Place, also in London’s West End. The building has been home to the Fashion Retail Academy since 2005, which will remain in occupation “until the precise timing for its relocation to a larger new home is confirmed”.
The building, which sits in the heart of Fitzrovia, less than 200 metres from the Elizabeth Line Tottenham Court Road, and provides 43,000 sq ft of space across five floors, which will be redeveloped for offices.
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