Swatch Group to pay ‘record’ rent for Oxford Street location

Swatch Group to pay ‘record’ rent for Oxford Street location  
Swatch Group have signed a lease for a ‘record rent’ at 411 Oxford Street, property owned by Hong Kong investor group, Circle Group, according to global real estate services Savills, who acted for the landlord during the transaction.
The Swiss watch retailer is set to open its first standalone Longine store in the UK at the 1,000 square foot location, which is located opposite from premium department store Selfridges. For this location, the Swatch Group will pay an annual rent of 535,000 pounds, which is equal to 1,010 pounds for zone A – a record rent for Oxford Street West
“This level of rent sets a new benchmark for Oxford Street at over 1,000 pounds in zone A, which comes as no surprise with brands aggressively competing for the best locations,” commented Anthony Selwyn, head of central London retail at Savills. Sam Foyle, Oxford Street specialist at Savills, added: “The redevelopment of much of the eastern end of the street combined with the key department stores strengthening their offer west of the circus, will ensure, in the short to medium term, continued rental growth.” 

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