LB170 Magazine.indd

Luxury Briefing
Issue 170
rEtail propErty
rEtail propErty
london
A
cross the luxury retail thoroughfares within the capital,
the gossip focuses upon which brands will emerge as
the successful parties in securing key sites. cadogan has
launched the largest development on Sloane Street for
decades at no 131: 33,000 sq ft of retail space in various sizes
attracting global rents from £490,000 pax to £640,000
pax. Early interest appears positive, with at least one brand
looking at leasing the entire space.
Further north, towards the prime pitch, the former
Coutts Bank will be available after the summer:
One cadogan Place (4,643 sq ft at over £1.125m pax),
although any interested parties will have to await the official
launch before making offers!
At the junction with Brompton road sits 1-5 Sloane Street;
the significant development opposite Harvey Nichols is
beginning to take shape. chelsfield, for the owners, has
apparently identified the three preferred brands for each of
the 15,000 sq ft stores – available mid 2018.
on Bond Street, Marina rinaldi relocating from
39 old Bond Street will release this entire building to the
market; but not for Brioni as prematurely reported by the
press and some other agents. Expect a richemont group
brand to be a front runner. At the prominent corner with
Grafton Street on New Bond Street, asprey continues
its endeavours to secure the appropriate brand willing to
pay £750,000 pax and £10m for 1,661 sq ft. these rents
now exceed £1250 psf for the prime retail space (Zone A),
coupled with yield compression to new low levels (around
2.25%) reflects huge capital growth figures for medium term
investors; many of whom have decided to take their profits.
new Bond Street house (Patek Philippe and
georg Jensen) has been sold for just over £112m to Meyer
Bergman; the onassis family trust has sold 141-142 New
Bond Street (Fendi) at over £80m and, most recently, the
owner of the Belstaff store has placed the building on the
market at £125m, or over £300m if the budget extends
to also acquiring the other stores between church’s and
Breitling.
With almost zero availability on the main streets,
luxury brands appear even more comfortable with the other
locations. in Mount Street, Moynat (no 111-112) is now
open and christopher Kane will follow shortly (no 6-7).
rumours persist on the identity of the party willing to pay
£3m for a five-year lease at no 10, with fashion rather than
jewellery now appearing to be the favourite use. Balmain
has also been spotted scoping the area!
in albemarle Street, globe-trotter is now open
at no 35, swapping 275 sq ft in Burlington arcade for
2,604 sq ft at the same rent; clever. And all eyes remain
on press releases from the Victoria Beckham team as the
building works at 36 dover Street approach completion.
the contractors are also working to finish 12-13 Conduit
Street (John Varvatos), 49-51 Conduit Street (DSquared)
and 32-34 Bruton Street (William & Son) to take full
advantage of Christmas 2014 sales.
KEitH WiLSoN, WiLSoN MCHArdY
tel: +44 (0)20 7439 1666
nEw yorK
o
n Madison Avenue, Philadelphia legend Paul Morelli, who combines
stunning craftsmanship, glorious gems and even practicality (such
as eyeglass pendants), creates his boutique at no 895. in the tradition of
reed Krakoff and other designers for major labels branching out, Bottega
Veneta’s creative director tomas Maier will open his own eponymous store
at no 956. Madewell will make its Upper East Side debut at number 1144.
Philipp Plein is coming to no 625.
on Fifth Avenue, cartier’s temporary shop (an 8,000 sq ft stunner) has
opened at no 767. it will be the flagship for two years as Cartier’s 52nd Street
home is renovated, and likely will be retained either as a second Cartier location
or for one of corporate parent compagnie richemont’s other brands.
in Midtown, italy’s luxe menswear label caruso, created by the former
co-owner of Brioni, is coming to the US at 45 East 58th Street. the area
remains a haven for haberdashery, with Bergdorf Goodman Men and Brioni
itself nearby.
on the Upper East Side, gagosian gallery has a new location at 821
Park Avenue. the art of Shaving has its eighth city location at 1140 third
Avenue. Children’s apparel maker hartstrings will have its first Manhattan
store at 1114 First Avenue. Jeweler Fabrizio giannone has taken a boutique
at 1031 Lexington Avenue. Look for more luxury to come to Lexington as
Madison and Fifth Avenues rents continue to skyrocket.
in Meatpacking, in Support Of offers up-and-coming apparel designers such
as William okpo, Nomia and Louise Amstrup at 342 West 13th Street.
in SoHo, Michal negrin, an israeli fashion, jewelry and home décor
retailer, is opening its first permanent shop in New York at 151 Prince Street.
Morgane Le Fay is coming to 100 Wooster and Celine’s Soho location will
be 67 Wooster Street.
in Tribeca/Nolita/Lower East Side, look for new concept coop & spree,
which will feature a variety of designers, to open at 202 Elizabeth Street in
August.
in FiDi, make-up brand e.l.f. cosmetics has opened its second studio
at 139 Fulton Street. Names are finally trickling out for the rebuilt World
trade Center retail complex, including Kate Spade, the Kooples, acne
and Zadig & Voltaire.
in Brooklyn, neiman Marcus’s Last call outlet division will make its
New York City debut at 210 Joralemon Street. J crew reportedly will open
at 234-236 Wythe Avenue, near one of its favorite co-tenants, Whole Foods.
rag & Bone opens at 160 Court Street.
in The Hamptons, Les toiles Du Soleil will make its summer resort
entrance at 78 Park Place in East Hampton.
New York news: a Manhattan Neiman Marcus?
It’s hard to believe, but one of the best-known luxury retailers in the US does not have
a location in New York City: Dallas darling Neiman Marcus. Why? Sister store
Bergdorf Goodman, of course, has one of the best locations in the world, on Fifth
Avenue. But reports are that Neiman’s finally will enter Manhattan at Hudson
Yards, the new mixed-use complex being built on the far West Side. It could create
an entirely new luxury district...
FAitH HoPE CoNSoLo, CHAirMAN tHE rEtAiL GroUP
doUGLAS ELLiMAN rEAL EStAtE
tel: 001 212 418 2000 e: [email protected]
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