The record for the highest-ever retail rent on Oxford Street has
been broken in a new deal with Polish cosmetics retailer Inglot, Property Week
can reveal.
Hong Kong-based Circle Group, represented by Savills, has let 409
Oxford Street to the brand at a rent of £1,113/sq ft Zone A.
The previous record rent was a letting to Swatch Group at £1,010
Zone A in July 2015, also agreed by Savills.
The store will be the brand’s third in the UK following successful
openings at Westfield London and Westfield Stratford City.
Inglot has agreed a 10-year lease for the 600 sq ft unit at a
total annual rent of £625,000.
Sam Foyle, Oxford Street specialist at Savills said: “We are
pleased to have secured another hugely successful global brand for Oxford
Street. Competition among retailers for the best locations remains
aggressive, as reflected by the record rent agreed with Inglot.”
“Oxford Street continues to act as a strong magnet for new brands
coming to London,” added Anthony Selwyn, head of Central London retail at
Savills.
“Given Crossrail’s influence and discussions about the potential
pedestrianisation of Oxford Street, we expect to see a surge of new entrants
focusing on the street over the next 12 to 24 months.”
This deal continues the trend of international brands establishing
a presence in the West End, with ten new global retailers opening their first
store in London to so far this year including APM Monaco, Ron Dorff and GH
Bass.
A further 13 international retailers are expected to open their
first store in the capital by the end of 2016, including Philip Plein, Ellie
Saab and Maiyet
Inglot was represented by BC Retail.