The Fenwick family becomes the fifth owner to put a West End department store up for sale, seeking £500 mln for the eponymous Bond Street flagship.
After initially putting out feelers last summer, Fenwicks is on the market. It is located around the corner from Oxford Street, where the Selfridges, John Lewis, Debenhams and House of Fraser department stores are all either recently closed, sold or subject to a sales process, with all expected to see at least some of the shopping floors converted to other uses.
Shopping centre owners Unibail-Rodamco-Westfield and Citycon sold all of, or stakes in, three malls this week as the number of institutional investors prepared to consider buying big shopping schemes continues slowly to pickup.
The most expensive asset to come onto the London market was not Fenwick but the new riverfront offices built by Almacantar and leased to WeWork and Shell. One and Two Southbank has a £935 mln price tag, after failing to sell - twice - in the last three years for circa £850 mln. A sale at today’s asking price would equate to 4%.
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