Unique Bond Street property comes to market 27.09.15
The freehold of 139 New Bond Street in the heart of London’s Mayfair is for sale for the first time.
Since 1966, the building has been the home of antique jewellery dealer, S J Phillips, which is now selling its interest in the property. The property is located in the prime pitch of New Bond Street opposite Sotheby’s. It currently provides 10,160 sq ft on basement, ground and four upper floors. Above the 1,687 sq ft ground floor retail unit, there are four floors of offices which total 6,476 sq ft and have their own separate entrance from Bloomfield Place.
Levy Real Estate has been appointed to market the property and are seeking offers in excess of £70m.
Levy’s Jonathan Martyr comments: “This property represents a major opportunity for a luxury retail unit with Grade A offices above or to devote the entire building to creating the type of ‘retail maison’ which is now proliferating in Mayfair with a double height frontage and additional retailing on the upper levels.
“Given the location and the potential that the property provides, we anticipate substantial international investor and owner-occupier interest.”
SJ Phillips is one of the oldest and most recognised family-owned businesses in the world. The company’s range of antique jewellery and silver is among the largest available and has been described as ‘an Aladdin’s cave of objets de vertu’.
Nicolas Norton of SJ Phillips commented: “We are moving with the times and the sale of the freehold of 139 New Bond Street will enable us to operate from a new platform whilst serving the needs of our customers”.
Following the sale of the freehold of 139 New Bond Street, SJ Phillips will continue to occupy the property until January 2017 at an annual rent equating to £1.6mpa. Prime retail rents on Bond Street have risen steadily in recent years and now stand at more than £1,600 per sq ft for the best trading space.
Bond Street leasing expert, Roger Sharpley of Levy, comments: “The supply of space in what is the best retailing street in the world remains constrained and has been recently reduced further by strategic owner-occupier purchasers”.