Luxury brand Chanel has paid a record sum to secure Bond Street premises for a UK flagship store.
Chanel will pay more than £4m in cash to cover the cost of leaving to the present occupier, Nicole Farhi, and as a result of competition for the property.
Chanel, which is taking a 25-year lease on the building, will also pay a near record rent for a building of its size, the Financial Times reported.
Martin Thomas, director in the central London retail team at Jones Lang LaSalle, which acted for the landlord, said: “This section of Bond Street is now the pitch for the best of the brands.
“The deal only goes to show the continuing strength of the Bond Street market.”