Tue, 17 Jan 2017 | COMMERCIAL PROPERTY
An iconic London shopping promenade that’s home to luxury brands and has served as a location for a number of Hollywood films has been put up for sale for a reported £400 million.
Burlington Arcade in Mayfair, built in 1819, has been put on the market by property firms Meyer Bergman and Thor Equities after they restored many of its original features. The two owners acquired the half-acre site in 2010 for £104 million.
CBRE, who are handling the sale, said prime London retail property is a “very attractive” prospect to foreign buyers looking to capitalise on a weak pound and good exchange rates.
The luxury covered promenade, which links Piccadilly and Bond Street and is home to brands including Chanel, Laduree and Penhaligon’s, has had new stone floors put in and seen original features restored.
Meyer Bergman chief executive Markus Meijer said: "We have restored the lustre to this gem of a property and benefited from the anticipated surge in demand of brands from across the globe that are seeking to open stores in London's luxury shopping quarter of Mayfair."
CBRE head of UK retail Phil Cann said: "Burlington Arcade is known worldwide and we expect the sale to attract strong interest from investors in the UK and around the globe.
"The weakening of the pound and favourable exchange rates fuelling tourist spending means prime London retail is a very attractive prospect to foreign buyers."
The promenade was commissioned by Lord George Cavendish and designed by architect Samuel Ware. It originally consisted of a single straight walkway with 72 two-storey units. The site has also been used as a location for films including Patriot Games and 101 Dalmatians.
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