The owner of Max Mara has completed on a deal to buy one of the West End's most ornate stores for £141m.
Unity Re, the investment vehicle owned by the Maramotti family, whose fashion brands include Sportmax and Marina Rinaldi, have bought Grade II listed 24 Old Bond Street.
The 14,000 sq ft building, on the corner of Burlington Gardens, has served as the London flagship store of Italian brand Salvatore Farragamo since 1967, with multi-let offices above. It is noted for its Gothic Revival style, which includes a spire bell tower.
CBRE, which advised previous owner NFU Mutual on the deal alongside Chapman Petrie, said the purchase price reflects a yield of 2.46 per cent. Salvatore Ferragamo represents 85 per cent of the total income, with around 15 years left on the lease.
“The asset has performed exceptionally well for the fund over many years and having recently completed the rent review we felt the time was right to exit and redeploy funds elsewhere," said Tom Bostock, fund manager at NFU Mutual.
"We continue to hold prime London retail assets and remain confident in the market outlook.”
‘The sale confirms the continued lure of Bond Street for global investors," added Richard Alsop, senior director at CBRE.
"Robust occupational activity along with the significant boost expected from the Bond Street Public Realm project and Crossrail are driving confidence in the market.
"We expect further investment activity in 2018, although with the ownership profile dominated by those holding for the long term, opportunities to buy prime assets are becoming increasingly rare.”
Unity Re was advised by Hall Lahaise.