NFU Mutual, represented by Savills, has agreed a new rent on 24 Old Bond Street, London with Salvatore Ferragamo. The Italian luxury brand will pay £1.6 million (1.88 mln.) per annum for the 7,500 ft² (697 m²) store arranged over basement, ground and first floor. Salvatore Ferragamo has been in occupation at 24 Old Bond Street since 1967, but has agreed terms to enlarge the store to incorporate the first floor.
Paul Endicott, director of retail at Savills, comments: "Following on from the recent letting to Belstaff this represents another record breaking deal at a rent equivalent to £1,000 per ft² Zone A. This deal demonstrates the continuing strength of Bond Street and the increased demand for prime shops by the larger fashion brands, proving that these high rents are not confined to the small jewelry shops around Asprey.
"Due to its enduring appeal to luxury brands, we predict Bond Street will continue to see rents advancing strongly and, with yields falling below 3%, this is having a dramatic impact on capital values."
Salvatore Ferragamo intend to complete the fit out works in time for the London Olympics.
All in UK Ltd represented Salvatore Ferragamo.