Max Mara owners spend £141m on Bond Street flagship
The owner of Max Mara has purchased a Grade II listed building on London’s Bond Street which has been home to Salvatore Ferragamo’s flagship store since 1967.
Unity Re, the investment vehicle owned by the Maramotti Family, which also owns Sportmax and Marina Rinaldi, purchased the 14,000 sq ft building at 24 Old Bond Street for £141m.
The building includes the Salvatore Ferragamo store, which occupies the ground floor corner unit with Burlington Gardens, as well as multi-let offices on the upper floors.
Salvatore Ferragamo represents 85% of the total income of the property and has 15 years left on the lease, which means Max Mara could only relocate to the 24 Old Bond Street unit in 2033. The luxury fashion house has a nearby flagship store at 19-21 Old Bond Street.
Richard Alsop, Senior Director at CBRE, said the sale confirms the continued attraction of Bond Street for global investors with Crossrail and other works "driving confidence in the market." He expects further investment activity in 2018, but said opportunities to buy prime assets are becoming "increasingly rare.”
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