Thor Equities and Meyer Bergman have instructed CBRE to market Burlington Arcade, one of the most iconic luxury retail destination in London.
Industry sources suggest that a £400 mln (€450 mln) price tag is attached to the historic covered walkway, which unites Piccadilly and Bond Street and opened in 1819.
Since 2010, Thor Equities and Meyer Bergman have been repositioning the 0.2-hectare freehold West End estate with a restoration project, as well as developing its retailer tenant mix.
'The Burlington Arcade is a historical and architectural masterpiece, and one of the most renowned retail destinations in the world,' said Joseph Sitt, CEO of Thor Equities. 'With its magnificent redesign and new luxury tenants, the property will remain a treasured London destination for generations to come.'
Recent additions to the line-up have included Manolo Blahnik, La Perla and a string of Chanel-owned labels. Established brands in the arcade include Ladurée, Vilebrequin, Chanel, Harry's of London, The Vintage Rolex Watch Company, Lulu Guinness and Church's.
The longest covered shopping street in the United Kingdom with approximately 3,437 m2 of retail space and a combined frontage of over 102 m2, the Arcade attracts over 4 million visitors a year.
'We have restored the lustre to this gem of a property and benefited from the anticipated surge in demand of brands from across the globe that are seeking to open stores in London’s luxury shopping quarter of Mayfair,' Markus Meijer, CEO of Meyer Bergman, said, adding 'Burlington Arcade is one of our signature investments.'
CBRE said it had launched a global marketing campaign which was 'expected to attract significant investor interest particularly from the Middle East and Far East'.
