Fri, 09 Dec 2011 | DIVISION SALE
The famous, long-established Foyles Bookshop is to see its leasehold change hands, as the owner has put it up for sale.
The move is part of a one-acre sale of properties along Charing Cross Road in central London ordered by owner Christopher Foyle, a descendant of the bookshop’s founders William and Gilbert Foyle.
The family’s investment vehicle, Noved Investment Holdings, is taking the reins of the nine-property sale. It is thought Mr Foyle has hired property advisory firms H2SO and DE & J Levy to market the portfolio for £62.5 million.
It is expected that the sale will attract overseas buyers eager to snap up prime London properties. Altogether the properties take up 125,000 sq. ft. of commercial space.
Thebookseller.com reported that the bookshop is to relocate to the adjacent building on Charing Cross Road, previously home to Central St Martins College of Art and Design, by early 2014.
A spokeswoman from Foyles commented to Thebookseller.com: “Irrespective of any options that may be explored by Noved, Foyles will be moving to a purpose-built bookshop in the adjacent former Central St Martins building in late 2013 or early 2014 and are now actively involved in planning the design of the new bookshop.”
Founded in 1903 by William and Gilbert Foyles, the shop originally sold educational books. Its first shop was in Peckham; the pair then opened another in 1906 in the well-known Charing Cross location.
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