New Bond Street loses crown of Europe’s most expensive shopping Street

New Bond Street loses crown of Europe’s most expensive shopping Street

N

ew Bond Street is now not the most expensive place to lease store house in Europe with Milan’s premier road taking the crown.

Home to numerous luxurious manufacturers, together with Chanel and Dior and Louis Vuitton, the road is famed for internet hosting top-of-the-line retail clients.

But New Bond Street has been overtaken by Via Monte Napoleone, Milan, in accordance to property knowledgeable Cushman & Wakefield.

They say UK landlords have slashed rents to ro appeal to new reailers after covid took its toll on commerce,

Rent has dropped by 11% following the pandemic and seven% this year. The present lease on New Bond Street is £1,150 per sq ft per year.

With Vis Monte Napoleone in Milan’s lease shifting up by 7% this year to £1,152 ($1,380) per sq ft, it has simply surpassed New Bond Street.

Peter Mace, Head of Central London Retail at Cushman & Wakefield, commented: “While these headline figures suggest New Bond Street has not recovered to pre-Covid levels, deeper down there is a more complex picture. We are seeing several relocations from within the street or from luxury brands who were based nearby, many of which are looking to move to the middle section, to be close to Gucci which is moving there next year.”

London’s luxurious shopping road’s rents stay larger than the Champs-Élysées in Paris, which dropped 4% this year and stand at £877 ($1,050) per sq ft.

New York’s Fifth Avenue takes is the most expensive road on the planet, with common rents of £1,665 ($2,000) per sq ft.

Robert Travers, Cushman & Wakefield’s Head of Retail in Europe, Asia, and the Middle East, added: “The industry has been through one of the biggest stress tests imaginable over the past few years, but the best-in-class retail real estate has remained robust.”

Source:standard.co.uk

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