Lothbury Investment Management, on behalf of Lothbury Property Trust, has signed a lease on 29 James Street in London’s Covent Garden with luxury home and body cosmetics retailer, Rituals, at a rent of £1,400 per sq ft Zone A. Rituals has taken a 15-year lease on the unit with three yearly rent reviews. Fit out has been completed and the store is now trading.
Mike Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management, said: “We are delighted that Rituals, a retailer with an excellent reputation and strong covenant, has taken the lease on 29 James Street. The unit was previously let to Fossil (UK) Ltd and has been re-let at the current rental tone of £1,400 per sq ft Zone A. Given the strength of the location, we received strong
interest and were able to structure a deal where there was no void or break in rent.”
Lothbury Property Trust’s holding at 25-31 James Street is Lothbury’s flagship retail holding and occupies a prime position on one of London’s busiest retail thoroughfares. Current retail tenants include The Body Shop, Michael Kors, MAC, Cambridge Satchel Co, and now Rituals. The remaining unit, 25/26 James Street, has recently undergone reconfiguration. Throughout their ownership, the Lothbury fund management team has actively targeted these assets to realise premium rental levels.
Cushman & Wakefield acted for Lothbury on 29 James Street, while Harper Dennis
Hobbs acted for Rituals.
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