The record for the highest-ever retail rent on Oxford Street has been broken in a new deal with Polish cosmetics retailer Inglot, Property Week can reveal.
Hong Kong-based Circle Group, represented by Savills, has let 409 Oxford Street to the brand at a rent of £1,113/sq ft Zone A.
The previous record rent was a letting to Swatch Group at £1,010 Zone A in July 2015, also agreed by Savills.
The store will be the brand’s third in the UK following successful openings at Westfield London and Westfield Stratford City.
Inglot has agreed a 10-year lease for the 600 sq ft unit at a total annual rent of £625,000.
Sam Foyle, Oxford Street specialist at Savills said: “We are pleased to have secured another hugely successful global brand for Oxford Street. Competition among retailers for the best locations remains aggressive, as reflected by the record rent agreed with Inglot.”
“Oxford Street continues to act as a strong magnet for new brands coming to London,” added Anthony Selwyn, head of Central London retail at Savills.
“Given Crossrail’s influence and discussions about the potential pedestrianisation of Oxford Street, we expect to see a surge of new entrants focusing on the street over the next 12 to 24 months.”
This deal continues the trend of international brands establishing a presence in the West End, with ten new global retailers opening their first store in London to so far this year including APM Monaco, Ron Dorff and GH Bass.
A further 13 international retailers are expected to open their first store in the capital by the end of 2016, including Philip Plein, Ellie Saab and Maiyet
Inglot was represented by BC Retail.