For sale: London’s Burlington Arcade

London’s Burlington Arcade, in the heart of the West End, is up for sale.

Currently co-owned by Thor Equities and Meyer Bergman, it is estimated the covered ‘shopping gallery’ could sell for up to £400 million.  

The owners bought the arcade in 2010 for £104 million and went on to restore and refurbish its arches and floors.

The arcade, built-in 1819, comprises 72 upmarket shops selling a variety of luxury goods and accessories, from fine jewelry and watches to leather goods, silverware, and fragrances.

The world-renowned shopping destination links Piccadilly to Bond Street.

Since the UK voted to leave the EU last year, the pound has weakened against the dollar, and this has led to strong consumer spending, especially from overseas visitors keen to buy luxury goods at bargain prices. Exchange rates have also enticed buyers from abroad to invest in London.

Those involved in the sale of the Burlington Arcade are expecting a lot of interest from investors overseas, especially from Asia and the Middle East.

London’s commercial and retail property continues to be a magnet for investors both within the UK and abroad.

For more on this story, click on the link below:

City A.M.