'Incredible' rents still demanded in London
Sunday 13 December 2009
Rents for commercial properties have soared to such an extent in select parts of London that landlords are demanding nearly £1,000 per square foot for sections of top-tier shops on the exclusive Old Bond Street.
Annual rents for shops are charged on a zoning system where the first 20-foot depth from the front of the shop is the most expensive, with the next 20-foot strip costing less, and so on.
The high rents are, in part, being driven up by foreign retailers looking to bring their brands to London's most fashionable and expensive shopping areas.
Old Bond Street is home to some of world's most luxurious shops including Gucci, Prada and Tiffany.
"Not everywhere is booming, but parts of central London are incredible at the moment," said one property entrepreneur.
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