London’s Burlington Arcade is put on the market, could fetch at least £400m
today Jan 16, 2017
Burligton Arcade, considered one of London’s most exclusive shopping destinations, has been put up for sale. The shopping gallery is one of Britain’s oldest and is home to several luxury retailers including Manolo Blahnik, Chanel, La Perla and Lulu Guiness.
Co-owners Thor Equities and Meyer Bergman have selected global property advisor CBRE to market the London property, which is estimated to fetch at least £400m according to The Times.
Burlington Arcade was built in 1819 for the sale of rare gemstones, vintage watches, bespoke footwear, and fine leather and cashmere accessories. Since its launch, the building has been heralded as a true luxury landmark, connecting Piccadilly and Bond Street with smart uniform shop fronts under a glazed roof.
The arcade has been owned by Thor Equities and Meyer Bergman since 2010, who have repositioned the 0.5 acre freehold West End estate into a leading global luxury destination.
In addition to recruiting British architect Jamie Fobert to redesign the interior with stone floors sourced from English quarries and restored original details, its owners have expanded the retailer tenant mix to include recognised luxury accessories brands, Royal Warrant holders and bespoke craftsmanship.
In 2014 a string of Chanel-owned labels including swim and lingerie label Eres, watchmaker Bell & Ross, milliner Maison Michael and knit label Barrie joined the retail line-up, joining a roster of established labels such as Ladurée, Vilebrequin, Harry's of London and The Vintage Rolex Watch Company.
Some of the most recent openings include Manolo Blahnik, Frederic Malle, La Perla, and historic perfume house Atkinsons.
"The Burlington Arcade is a historical and architectural masterpiece, and one of the most renowned retail destinations in the world," said Thor Equities CEO Joseph Sitt. "With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come."
The longest covered shopping street in the United Kingdom with approximately 37,000 square feet of retail space and a combined frontage of over 1,100 square feet, the Arcade attracts over 4 million visitors a year.
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