Tiffany, the luxury jeweller, has set a new record for rents in Britain with the sale and leaseback of its Bond Street shop in the heart of London’s Mayfair. Sunday Telegraph
Tthe annual rent, at £650 per square foot, is an indication of continued strength in the luxury goods sector, especially around the streets of Mayfair.
The only site currently available on the street is one owned by Prudential, the insurer. Luxury fashion retailers including Versace and Tom Ford are believed to be considering paying premiums of up to £1m to obtain a lease on the site, despite the building not being available for another two years.
David Harper, a retail property agent from Harper Dennis Hobbs, said: “This is about globalisation. All luxury brands have to be located in London, Paris and New York and there just aren’t enough shops to cope with the brands that want the exposure.”
Tiffany saddled itself with the rental bill after completing a sale and leaseback on the building for £73m to an anonymous bidder thought to be from Ireland.