Our client, a long established art gallery in the West End of London in prestigious Mayfair, was looking for new gallery space. They are Fine Art Dealers in 19th & 20th Century British and European paintings and watercolours.
They had been in their current space for nearly 50 years. Another part of the business, located in the City, had been running for over 250 years. The aim was to amalgamate the two galleries into one fit for the modern age.
The locations considered were originally centred around Mayfair, W1. However, it became increasingly obvious that retail rents in the area had risen dramatically and a rethink on location was required. The search area was then extended to include St James’s, Knightsbridge and Belgravia.
Over 10 properties were looked at before settling on the perfect solution in the form of nearly 2,000 sq ft on Beauchamp Place, London, SW3.
The cost of this property in Knightsbridge was slightly higher than the initial budget but with minimal internal works required it made commercial and financial sense to secure it.
An assignment of the current lease was on offer, with potential to extend beyond the remaining three years.
The terms were agreed by DeVono Cresa and the landlord’s advisors very quickly as time was an important factor for our client. The legal process took no more than 6 weeks to tie up, and as such the tenant was able to take advantage of a busy sales period.
By: Kirsty MacGregor