INDUSTRY NEWS

1 Old Bond Street bought by Ukrainian investors

A Ukrainian company has purchased one of the most pricey addresses in London, 1 Old Bond Street in Mayfair.

The address, which is home to Watches of Switzerland and Ralph Lauren, has reportedly been sold for £1.4 million

Property Week has reported that the price reflects a net yield of 3.8 per cent based on the rent of over £520,000 a year.

According to Colliers CRE’s central London retail market overview for this autumn, Old Bond Street is one of the most priciest locations in the capital to rent a shop.

It is thought that Watches of Switzerland pays a zone A rent of £400 in one unit and £425 in another.

Research from Jones Lang LaSalle showed that overseas investors spent an about £6 billion in UK property.

The number is over half of commercial property investment in the country, with UK property companies accounting for only £4 billion and private investors from Britain making up £1.2 billion.
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