Aerium has agreed a lease with Italian luxury clothing designer Dsquared2 for its debut London store. The flagship unit comprises lower ground, ground and first floors and the retailer has also signed up to the second floor offices in the overarching 24 Savile Row scheme.
DSquared2, which has designed clothes for international celebrities including Lady Gaga and Madonna has signed a 15-year lease on 8,000 ft² of retail and 4,500 ft² of office space for a total rent of £1.32 million (approx. €1.6 million) per year.
Acquiring the properties in 2011, Aerium and Terrace Hill, the development manager for the project, are in the middle of an extensive redevelopment of 49 and 50-51 Conduit Street and 24 and 24A Savile Row, situated on a large and prominent corner site and creating a high-quality office and retail development. When the development is unveiled in September 2014 there will be a total of 22,000 ft² of grade-A new offices with 4,500 ft² typical floor plates and 8,000 ft² of prime retail accommodation. Conduit Street provides a historic link between Bond Street and Regent Street and is rapidly becoming a destination for luxury fashion retailers looking to make their mark on the capital.
Robin Carr, UK Fund Manager at Aerium, said: “The letting to DSquared2 is very much in keeping with our aspirations for this prime scheme. We believe that the exclusive nature of the DSquared2 brand and the incredibly high standard of fit-out the company employs across its global portfolio will perfectly complement the exciting high end office scheme we will be delivering to the market later this year.”
Rob Lane, Development Director at Terrace Hill added: “This deal significantly raises the profile of Conduit Street as a high end luxury goods location and sets a new benchmark rent for a unit of this size in the street.”
Savills and CBRE acted for Aerium and Terrace Hill; Prime Retail acted for DSquared2.
Source: FTI Consulting