IBRC Assurance Company is selling its long leasehold in the Royal Exchange, and looking for offers in excess of £75 million (approx. €88.68 million) reflecting a NIY of 4.90%.
The luxury shopping and dining destination is in the heart of the City of London and is home to many luxury brands including Tiffany & Co, Hermès and Montblanc. Recent new retailers to join the high-end tenant mix include the award winning British jeweller, Links of London, as well as new entrant to the UK market Watchfinder & Co, who opened their first UK flagship store earlier this year.
Existing retailers have reported impressive trading performance which has resulted in a number of occupiers looking to secure additional space. Smythson recently expanded and Omega has relocated to a larger store in the courtyard area. Luxury timepiece retailer, Watches of Switzerland is undergoing a store upgrade, which will see the store double in size.
Phil Cann, Head of UK Retail, commented “Opportunities to purchase such an iconic building like the Royal Exchange don’t come along very often. We have received interest from a number of investors and strongly believe that due to the luxury range of tenants and the potential to drive rental growth, the Royal Exchange is a fantastic investment opportunity.”