The purchase of the property means Tiffany can implement plans to refurbish and extend the store, which opened in 1986 and was first extended in 1991. Construction is expected to begin in early 2003 with completion due in the second half of 2004. Last year Tiffany opened its first City store in the refurbished Royal Exchange and also trades in London from a concession in Harrods department store.

Vice Chairman James E Quinn said: "London represents an important and extremely successful market for Tiffany and our location on Old Bond Street has become the centre of one of the best retail addresses. We will create a more spacious environment with expanded selling and customer circulation space on the ground level and first floors."

Jones Lang LaSalle represented Tiffany.

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