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Lothbury attracts Michael Kors to Covent Garden

wantspacegotspace.co.uk - Lothbury Property Trust, Michael Kors, 28 James Street, Covent Garden - Lothbury attracts Michael Kors to Covent GardenLothbury Investment Management, on behalf of Lothbury Property Trust, has signed a lease on 28 James Street in London’s Covent Garden with women’s and men’s apparel and accessories retailer, Michael Kors.

Lothbury holds 25 – 31 James Street under management. Strong retailer demand has been reflected in a record Zone A rent of £733 per sq ft.

Mike Toft, senior fund manager and director of Lothbury Investment Management, said: “We are pleased that Michael Kors have taken the lease on 28 James Street. The Covent Garden units are one of the key assets in our portfolio and there was considerable competition for the lease, attracting a shortlist of four retailers. Michael Kors is a perfect fit for this address and is in line with our policy of attracting high quality names to the prestigious properties in the Lothbury portfolio.”

28 James Street comprises 2523 sq ft (ITZA of 559 sq ft) and Michael Kors has taken a ten year lease on the property with no break options. The building is currently undergoing fit out, with an expected opening around Christmas.

Lothbury Property Trust’s holding at 25-31 James Street comprises a number of retail and office units valued at c. £58.3 million, which equates to 8% of the fund’s total property holdings and was Lothbury’s largest weighted contributor to total return for 2011.  This asset comprises Lothbury’s flagship retail holding and occupies a prime position on one of London’s busiest retail thoroughfares. The units have 100% occupancy and the current retail tenants include The Body Shop, Dune, Fossil, Swarovski and True Religion Jeans. Throughout their ownership, the Lothbury Fund Management team has actively targeted these assets to realise premium rental levels.
 
Cushman Wakefield acted for Lothbury on 28 James Street, while CBRE acted for Michael Kors.

Posted by The Editor (wantspacegotspace) on 19th November 2012 (updated 21/11/2012)

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