A team from CBRE’s investment arm paid a visit to the UAE and Qatar last week in a bid to drum up interest from potential buyers in a luxury London shopping arcade.
CBRE has been appointed by New York-based property development firm Thor Equities and by European investment fund Meyer Bergman to sell Burlington Arcade, which runs between Piccadilly and Bond Street, next to the Royal Academy.
The centre, which is built on a half-acre site, contains 37,000 square feet of retail space and has the longest covered shopping street in the UK.
Its stores sell mainly luxury brands and its current owners, who bought the property in 2010, have overseen a redesign led by British architect Jamie Fobert that involved restoring original details.
It is understood to be on the market for £400 million (Dh1.84 billion).
Phil Cann, the head of UK retail at CBRE, expects the centre’s sale to be one of the biggest to complete in the London retail market this year. He said the value of deals transacted in the London retail sector last year was £2.3bn, which was lower than the £3bn experienced during an “exceptional” 2015, but in line with long-term trends. He said that Brexit has been more favourable for London’s retail property market than for other sectors, thanks to higher spending by tourists.
“Customers are coming to the shops and buying goods in flagship London stores that were 20 per cent more expensive the year before,” he said.
He added that a property such as Burlington Arcade would have “global appeal” because it is a freehold property, a heritage building and it specialises in luxury retail.
“Certainly in the region there has always been interest in the asset,” he said.
mfahy@thenational.ae
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The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
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