AXA Real Estate Investment Managers has signed a new lease with Victoria’s Secret for more than 6,700 ft² (approx. 622.5 m²) of space at 116/117 New Bond Street in London, on behalf of its client Royal London, the building’s owner. The new lease will see Victoria’s Secret significantly enlarge its first flagship store outside of the U.S. by expanding its current premises at 111-115 New Bond Street, on the corner of Brook Street, into the store at 116/117 New Bond Street. Victoria’s Secret will assign the former occupier’s lease and simultaneously take a new lease, alongside and with the same expiry as its existing lease.
This is the second major asset management initiative on this district AXA Real Estate has agreed, following after an agreement signed last week for a new 15-year lease with German luxury fashion retailer Hugo Boss at 120-122 New Bond Street that will double its flagship London store to around 6,000 ft² (approx. 557.5 m²). Under the terms of this agreement, Hugo Boss will extend its existing premises at 121/122 New Bond Street into the adjacent store and will be refurbished, subject to planning permission.
Julian Best, Head of UK Asset Management, at AXA Real Estate, commented: “These significant lettings underline our ability to both deliver asset management solutions which enhance value for our clients, and work with one of the world’s premier international retailers to meet their specific requirements.”
Source: AXA Real Estate