OLD Bond Street, home to London’s jewellers and luxury brands, has held onto its title as the most expensive shopping street in Europe, according to a survey out yesterday.
Retailers now pay rents of £838 per square feet per year as demand for space on Britain’s prized shopping street continues to outpace supply, property advisers Colliers International said.
Old Bond Street was followed by Bahnhofstrasse in Zurich, which commands annual rents of £599 per square foot, and Paris’s Champs Elysees,where rents are £536 per square foot.
“London is still the signature location for any brand that aspires to international luxury status,” Paul Souber, head of central London retail said.
“What we’re seeing is retailers paying key money – multi-million pound payments to take control of existing leases just to get a foothold on Old Bond Street. The leases changing hands may already be at current market rents, but retailers will still pay millions more for the rarity value to secure a store on the street,” he added.
Last month lingerie firm La Perla was reported to have paid shoe-maker Gina a premium of £5m to open a store 9 Old Bond Street.