London’s Burlington Arcade is for sale
London's iconic covered shopping gallery the Burlington Arcade has gone on sale.
The arcade, which was established in 1819, links Piccadilly and Bond Street and is home of high-end brands such as Manolo Blahnik and Chanel. Industry sources said it would sell for around £400m.
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The owners of the arcade, Thor Equities and Meyer Bergman, bought it in 2010 for £104m and have since updated it with stone floors and refurbished its arches.
It is thought that investors from the Middle East and the Asia will be particularly interested in snapping-up the luxury shopping destination, which pulls in more than 4m visitors each year.
It is the longest covered shopping street in the UK (Source: CBRE)
CBRE is marketing the property.
Phil Cann, head of UK retail at CBRE, said: "Burlington Arcade is known worldwide and we expect the sale to attract strong interest from investors in the UK and around the globe.
"Our clients have been great custodians of this highly sought after retail destination over the past six years and this sale presents an extremely rate opportunity to acquire a unique part of London's heritage."
He said the weakening of the pound following the Brexit vote had made prime retail investments in London particularly attractive, as wealthy foreigners are flocking to the capital to buy discount luxury goods.