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January 13, 2010
Record £1,000 sq ft Rent on New Bond Street
Whilst retail rents are falling throughout most of the country, prime London continues to defy the trend. Swiss watchmaker and jeweller Piaget have agreed £965 per sq ft zone A at 169 New Bond Street. The previous record was set by Dolce & Gabbana on the same street in 2008. They paid a zone A rent of £820 sq ft.
Piaget have signed a new 25 year lease, which starts in the spring. Despite there being few units in such a prominent pitch, this is still very high considering the state of the economy and the rental market.