International property advisor Savills, on behalf of a private Hong Kong investor, has agreed to a new lease with Intimissimi for its Oxford Street store.
At £1,153 Zone A, the deal has set a new record rent for 368-370 Oxford Street.
The Italian lingerie and underwear retailer, part of Calzedonia S.p.A Group, has taken a new 10-year lease on its existing 2,635 sq ft (245m2) store.
Sam Foyle, Oxford Street specialist at Savills, commented: "Intimissimi's recommitment to Oxford Street shows that, despite some retailers' concerns about business rates increases, demand for the right store in the right location remains strong. Achieving a new Zone A record on a store over 2,600 sq ft further underlines the brand's confidence.”
Anthony Selwyn, head of Central London retail at Savills, adds: "Hong Kong investors are the largest single group of overseas owners on Oxford Street, and their traditional focus on the west of the street has rapidly expanded east over the last two years, highlighting confidence driven by Crossrail-linked occupational demand. The achievement of this new record rent shows how the long term investment in Oxford Street by Hong Kong-based and other investors continues to be supported by retailers keen to capture the terrific tourist spend in London's most high profile locations.”