Historic London shopping arcade seeks $500M buyer

January 28, 2017 03:30PM

Burlington Arcade (credit: Andrew Dunn via Wikimedia)

A historic London shopping centre is getting ready for its ultimate sale… itself.

Burlington Arcade, in the capital’s swanky Mayfair neighborhood will soon be put on sale for £400 million (approximately $505 million), reports The Spaces.

Commissioned by Lord George Cavendish and designed by architect Samuel Ware, Burlington Arcade opened in March 1819, for “the gratification of the public and to give employment to industrious females.”

Nearly 200 years later it’s the UK’s longest covered shopping street, and reportedly attracts over 3 million visitors each year.

It last changed hands in 2010, when Thor Equities and Meyer Bergman snapped it up for a much smaller sum of £104 million (approximately $130 million), and it’s home to a host of luxury brands including Chanel, Manolo Blahnik and The Vintage Rolex Watch Company.

“The Burlington Arcade is a historical and architectural masterpiece, and one of the most renowned retail destinations in the world,” said Joseph Sitt, chief executive of Thor Equities to The Spaces. “With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.”

[The Spaces]Liz Lucking