Iconic London retail destination sold for £300m
The arcade, which opened in 1819, has approximately 37,000 sq ft of retail space and a combined frontage of over 1,100 ft, attracting over four million visitors a year. It is the longest covered shopping street in the UK, linking Piccadilly and Burlington Gardens. Tenants include Chanel, swim and lingerie label Erees, watchmaker Bell & Ross, milliner Maison Michael, Ladurée, Vilebrequin, Lulu Guinness, Church’s and La Perla.
Thor Equities and Meyer Bergman have sold London’s Burlington Arcade, Mayfair to a private investor for £300m reflecting a net initial yield of 3.25 per cent.
Thor Equities and Meyer Bergman acquired the grade two listed, luxury retail arcade in 2010 for £104m and have since undertaken several upgrades, including a redesign by UK architect Jamie Fobert.
Joseph Sitt, CEO of Thor Equities, says: “After repositioning and restoring the Burlington Arcade to its former glory, we felt the time was right to sell this historic landmark. With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.”
Savills and Michael Elliot advised the vendor.