Next is pulling out of Regent Street and will be replaced by US denim brand Guess, which is to open a European flagship store on the site.

The double-fronted 6,000 sq ft store at 160 Regent Street is on the east side of the street, close to American brands such as Brooks Brothers, and is expected to be the largest in Europe for Guess, which has been opening a raft of company-owned stores over the past year.

Advised by property agent Jones Lang LaSalle, its openings last year included two stores each in Westfield London and Bristol last year, plus others in locations such as Leicester and Bicester. While the company has traditionally opened in the UK on a franchise basis, the new stores are company-owned.

The move is the latest sign of Regent Street’s increasing appeal to international brands and move away from mass-market UK fashion brands under active landlord the Crown Estate. Next still has three stores on nearby Oxford Street. CB Richard Ellis advised Crown Estate.