// Chanel Bond Street store goes on sale as owners seek over £240 million
// The London boutique showcases the brand’s clothing, fine jewellery and beauty products
// Sales of shop premises in the West End have dropped since the Covid-19 pandemic struck
The owner of Chanel’s London Bond Street store has reportedly appointed advisory firm JLL to seek offers of more than £240 million for the property.
The 12,600sq ft was the largest Chanel boutique when it was opened in 2013.
The £240 million price tag for the store represents an annual rental return of around 2.9 per cent, The Times reported.
The boutique offers Chanel’s clothing, fine jewellery and beauty products across three floors, with VIP changing rooms and a beauty bar for makeovers.
Earlier this year, the West End of London began to witness a drop in footfall after the pandemic struck tourism levels in the capital – which has particularly affected the luxury sector.
Meanwhile, wealthy Brits have fled to properties outside of the city and many are yet to return to the office.
New West End Company, which represents traders in Bond Street, Oxford Street and Regent Street, said that stores in the area typically turned over £10 billion annually, but from March until the end of the year it was expecting between £2 billion and £3 billion.
Moreover, London Mayor Sadiq Khan urged shoppers earlier this month to help give the West End’s retail precincts a much-needed footfall and sales boost.
New West End Company reported that footfall was still 63 per cent down on the same time last year despite retail lockdown restrictions easing in mid-June.
Nonetheless, New Bond Street was the third most expensive street in the world on which to set up shop last year, with annual rents of about £1333 per square foot.
It marks the first time that a building on the street has been put on sale since the pandemic struck.