Historic London shopping arcade seeks $500M buyer

New York Weekend Edition /
Jan.January 28, 2017 03:30 PM

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


Related Articles

arrow_forward_ios
Birmingham and Bournemouth both saw a giant increase in demand. (Getty)
Demand for rentals rises in UK’s largest cities in Q1
Demand for rentals rises in UK’s largest cities in Q1
Glympton Park and Prince Bandar bin Sultan. (Getty, Twitter via NicholasKingsle)
Saudi prince sells 2K-acre UK estate to Bahrain’s royal family for $165M
Saudi prince sells 2K-acre UK estate to Bahrain’s royal family for $165M
Suneil Setiya and the One Hyde Park complex (Photos via Wikipedia Commons/Rob Deutscher and Synergos)
Phat flat: Hedge funder nears deal for $153M London penthouse
Phat flat: Hedge funder nears deal for $153M London penthouse
The average price of a London home rose above 500,000 pounds, or roughly $685,000, for the first time. (Getty)
London home prices hit new high
London home prices hit new high
Renderings of the "city within a city" concept outside central London. (Brent Cross Town)
Related is all in on “15-minute city” in London
Related is all in on “15-minute city” in London
One and Two New Ludgate (Skanska)
Singapore’s Sun Venture cuts UK’s biggest real estate deal of the year
Singapore’s Sun Venture cuts UK’s biggest real estate deal of the year
No. 1 Grosvenor Square (Lodha Luxury)
$185.5M London penthouse is UK’s second-priciest sale this year
$185.5M London penthouse is UK’s second-priciest sale this year
Ronnie Wood and his London home (Getty, Milton Stone)
Rolling Stones guitarist Ronnie Wood lists colorful London townhouse
Rolling Stones guitarist Ronnie Wood lists colorful London townhouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...