Global advisor JLL has been appointed to oversee the sale of the flagship store in London of Chanel, the fashion brand.
The property on New Bond Street in the West End has been put up for sale by owner SEB, the Swedish pension fund, which is seeking more than £240 mln (€267 mln) for the asset.
It is possible that Chanel may buy the building itself, according to reports, with bids due from next week.
The boutique comprises 12,600 sq ft (1,170 m2). In 2019, New Bond Street was the third most expensive street in the world for rental space at around £1,333 (€1,484) per square foot.
Businesses in the desirable street thrive on trade from wealthy international tourists, usually making a total of more than £10 bn (€11 bn) revenue a year. However, disruption caused by the Covid-19 pandemic means 2020 is expected to see that figure dive to between £2 - £3 bn (€2.23 - €3.34 bn).
