Prada's London flagship site goes on sale for £30m
Sunday 03 October 2010
The former chairman of Allied Irish Bank, which was, in effect, nationalised by its government last week, is the latest landlord to put a store on London's Old Bond Street up for sale.
Lochlann Quinn, who chaired Ireland's biggest bank until 2003, has instructed property consultant Fineman Ross to sell 16 Old Bond Street with a price tag of around £30m.
Mr Quinn is selling the freehold of the building, which is the flagship store of luxury retailer Prada. Any sale would include the offices above. The total rent is more than £1m a month. It is expected to attract a lot of interest even though it is being sold at a fairly steep price. Recent sales on Old Bond Street have seen stores change hands at prices last seen before the recession.
Old Bond Street is considered recession-proof, but landlords elsewhere in central London are still marketing big properties despite price falls. A private Indian investor, advised by property services firm Michael Elliot, is selling 120 Holborn, for around £150m. While Invista Real Estate Investment Management and Delancey are thought to have approached several parties about a sale of their Rolls Building, the new home of the Royal Courts of Justice Commercial Court, for more than £300m.
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