The 20,000-sf property was occupied by the retailer on a short lease when AXA bought the investment as part of a mixed-use portfolio, paying Legal & General £70 million ($100 million). Now, through Strutt & Parker, it has negotiated a surrender of the lease and agreed a new 25-year lease with five yearly reviews, at a rent of £1.07 million ($1.5 million) per annum, reflecting £390 ($554) zone A.
Expensive Fashions already trades across Europe, and is planning to use the Oxford Street flagship as a launch pad for a UK expansion programme. Through its agent Charles Price & Co it aims to acquire up to three new stores in the UK during 2002.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
