Crown Estate pays £95m for headlease of 100 Regent Street
And in case the address means little to you, it's worth noting that number 100 is the London home of the Mulberry flagship and also of 66°North, so it's an undeniably important site.
It's a Grade II-listed building with more than 53,000 sq ft of prime retail and office space and The Crown Estate already owned the freehold as part of The Regent Street Partnership. That's a joint venture it has with Norges Bank Investment Management.
The aim of the acquisition is to enhance the office space, 'curate' the retail offer and improve the eco credentials of the building.
The Crown Estate's overall curation of Regent Street has helped make it one of London's top fashion shopping thoroughfares with stores for names including Coach, On, COS, Hackett, Sandro, Maje, Burberry, Barbour, Tommy Hilfiger, Reiss, Gant, Canada Goose, Uniqlo, Boss, Lacoste, Longchamp, Furla, Bally, Belstaff and many more.
And of course the latest purchase is part of a wider long-term vision for Regent Street and the West End. The landlord's investment manager Dominic Packwood said it's an 'important acquisition' and direct ownership of the building 'including the delivery of our development pipeline and public realm investment, alongside our wider goal to create a vibrant, inclusive and sustainable West End'.
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