The Great Victoria Partnership - a joint venture between Great Portland Estates and Liverpool Victoria Friendly Society - has pre-let both retail units in the initial phase of its retail development of the former Liberty department store at 208-222 Regent Street, London W1.
H&M is taking a 7,275 sq ft store on the ground and first floors, to trade under a new format. A 15-year lease has been agreed at an average rent over the first five years of £1.1m pa, equivalent to £150 per sq ft overall or £380 per sq ft Zone A. An initial rent free period of 9 months has been agreed.
And Spanish retailer Desigual will take a 10,100 sq ft store on ground and basement floors for a 15 year term. The average rent over the first five years will be £0.7 million per annum, equivalent to £74 per sq ft overall or £370 Zone A. An initial rent free period of 12 months has been agreed.
Listed building consent was received in July for phase I of the development. Construction work has started with completion scheduled for December. A bisted building application for the creation of a third flagship store of 10,000 sq ft has also been submitted and completion is anticipated in May next year.
At the same time the partnership has agreed to let 10,200 sq ft at 526/528 Oxford Street, London W1 to Mothercare for a new Oxford Street flagship store. The rent of £0.9m pa is equivalent to £89 per sq ft or £340 Zone A. Mothercare has agreed to take a 10 year lease with 6 months rent free.
Great Portland's property director, Robert Noel, said: "We accepted an early surrender of Liberty's lease in Regent Street at the end of March and to have let the reconfigured stores to new market entrants already is testament to the demand for quality units on this resurgent street. We are also very pleased to have secured Mothercare in Oxford Street at a rent ahead of our target for this part of the street proving the popularity of well configured stores in the West End."
