THE WHAT? The resilience of luxury London property is about to be put to the test as the owner of Chanel’s Bond Street store lists the space for sale, according to a report published by The Times.
THE DETAILS JLL has been instructed by owner, SEB, to find a buyer willing to pay in excess of £240 million for the prime piece of real estate, per The Times.
The Times speculates that Chanel could be among the interested parties as well as the Abu Dhabi royal family and international investors. Bond Street is said to be the third most expensive street in the world.
THE WHY? With London’s shops shuttered for the duration of the lockdown and traffic yet to recover, demand has dipped for even the most sought-after retail space. If Chanel succeeds in commanding a prime price tag, it’ll be a sign of confidence in the eventual recovery of bricks and mortar.