The Prudential has reportedly put the Burlington Arcade in Piccadilly on the market, with an asking price of £56m.
The arcade is the oldest in the UK and one of London’s most prestigious shopping locations. It comprises 47 retail units, let to tenants including Crockett & Jones and Rose Fine Jewels. Around 30 of the leases are due to expire within the next three years.
Top Zone A rents at the arcade are £350m per sq ft, and have grown at a rate of 3.5% over the past three years, compared with 2.5% average for the West End.
The Prudential is planning to sell the arcade because it does not fit its preferred mix of assets. The planned disposal comes as part of a review of the company’s £12.5bn property portfolio.
CB Richard Ellis has been appointed to sell the arcade.
Source: Freeman News/ The Times