Burlington Arcade, one of London’s iconic luxury retail landmarks, has been put up for sale by its owners Thor Equities and Meyer Bergman.
The arcade is hot property, more than four million people per year visit the 37,00 sqm retail strip, which unites Picadilly and Bond Street adjacent to the Royal Academy.
Trading since 1819, the arcade has been long favoured by British royalty and celebrities for its rare gemstones, vintage watches and bespoke footwear.
The likes of Chanel, Harry’s of London and the Vintage Rolex Watch Company all occupy space on the strip, which was redesigned recently by British architect Jamie Forbert, to restore many of its original features.
“We have restored the luster to this gem of a property and benefited from the anticipated surge in demand of brands from across the globe,” Markus Meijer, CEO of Meyer Bergman, said.
CBRE has been appointed to sell the property and has launched a global campaign that’s expected to attracted significant interest, particularly from Middle Eastern investors.
“We expect to attract strong interest from investors in the UK and around the globe, our clients have been great custodians of this highly sought after retail destination over the past six years and this sale represents a rare opportunity to acquire a unique part of London’s heritage,” CBRE’s head of UK retail, Phill Cann, said.
“The weakening of the pound and favourable exchange rates fueling tourist spending means prime London retail is a very attractive prospect to foreign buyers,” he added.
