Rent has climbed to £838 per square foot a year in London’s Bond Street, a new report reveals.
According to standard.co.uk, businesses who want to set up shop in Bond Street are paying more than anyone else in Europe, as Colliers International names it the most expensive street in the continent. It’s also the only London street the make the top ten.
Shop rents have been on the up for some time and in Old Bond Street they’ve increased by 15 per cent over the past 12 months. Not too long ago, an underwear brand called La Perla paid out over £5 million just to have a tiny 600 sq ft store in Old Bond Street. In fact, a large number of businesses located on this street are jewellers, as they can afford to keep up with the high rent costs.
Paul Souber, head of central London retail at Colliers, says retailers are prepared to pay millions just to get their own spot on the famous street.
“London is still the signature location for any brand that aspires to international luxury status,” he explains, reports londonlovesbusiness.com. “At present, the demand for prime London locations seems insatiable and even the headline rental levels achieved by new lettings do not tell the whole story about just how strong demand is.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.