INDUSTRY NEWS

Regent Street block bought by Swedish billionaire

Stefan Persson, the owner of H&M, has bought a block of retail and office space on London’s highly desirable Regent Street for £225 million. Property investment group Delancey purchased the site in 2005 and redeveloped it the next year, after the former owners – department store Dickins & Jones – ceased trading.

The sale to the Swedish billionaire represents more than twice what Delancey paid for the site. The plans submitted four years ago were for a £100 million mixed-use scheme, including three shops of 40,000 square feet on the ground floor, 80,000 square feet of office space on the second to fourth floors, and 12 luxury flats on the fifth.

The deal is further proof of the boom in commercial property London has experienced since the credit crunch. Persson, with a fortune of over £14 billion, is the second richest man in Sweden and the 13th richest person in the world.