May 28, 2009
The German based fashion retailer Gerry Weber, represented by Harper Dennis Hobbs, has exchanged contracts on the sale of its leased store at 187/191 Regent Street, London W1 to Gant UK Ltd. trading as Gant.
This move is a part of Gerry Weber’s business realignment as the company seeks smaller stores across the UK and Ireland.
The 8,683 sq ft shop which has a triple frontage and three sales floors is located on the west side of Regent Street, adjacent to the new Ferrari store.
The property is held on a 15 year lease, expiring in December 2020, with upward only rent reviews every five years. The passing rent is £630,000 pa. An undisclosed premium was paid.
Tim Newman from Harper Dennis Hobbs said: “The store was too large and therefore out of line with Gerry Weber’s model for smaller mono brand stores. We are currently searching for new store opportunities throughout the UK and Ireland and have offers out on a number of properties.”
Stephen Kane of Stephen Kane & Company , the retained agent for Gant, commented: ‘We have been looking for a flagship store on Regent Street for some considerable time and the Gerry Weber unit represented an ideal opportunity to demonstrate Gant’s continuing confidence in the UK market.’