Two trophy assets on Bond Street, London's most famous high-end retail thoroughfare, are set to trade for £154.5 million in total, CoStar News can reveal.
The Henry Smith Charity, advised by RX London, is understood to be under offer to sell 19-21 Old Bond Street, W1, Max Mara's retail flagship on the famous London shopping street, for around £92 million.
The building is located alongside Salvatore Ferragamo, Rolex, Moncler, Stella McCartney, Gucci, Dolce & Gabbana and Tods and comprises 25,952 square feet of accommodation, with a double-fronted retail unit arranged on basement ground and first floors with offices on second to fifth floors.
The building first came to market in 2022 with Max Mara responsible for 80% of the total income on a lease until 2034 at a rent reflecting £1,600 Zone A.
The Henry Smith Charity was founded in 1628. Nearly four centuries after it was first established, and is one of the largest grant-making charities in Britain paying out £39.7 million in 2021. The asset has been bought by a private UK investor.
Tasaki's flagship store at 170 New Bond Street has gone under offer for around £62. 5 million.
CBRE and Michael Elliott are advising the private US owner with the price paid translating to a circa 3.25% yield. The building comprises 4,198 square feet of retail leased to Japanese fine jewellery group Tasaki until June 2049. Tasaki opened its store in 2019 for its first in Europe.
The asset is being bought by a private UK investor, with the vehicle behind the acquisition called Marlborough Property Ltd according to Land Registry filings. That company is linked to high street retailer Dunelm's founder and entrepreneur Sir William Adderley.
The sales come at a time when there has been some concern that an increasingly strong London investment market may be knocked off course by concerns over the economy and inflation in part driven by the war in Iran. CBRE's latest figures show central London investment volumes were subdued in April, totalling £0.2 billion. This brought the year-to-date total to £1.6 billion, 34% down on the same period last year.
While the sales will lift market participants, Bond Street properties have historically remained highly sought after irrespective of how the wider investment market is functioning in the UK.