Property news - Tiffany & Co pays £27m for London flagship freehold

Tiffany & Co, the New York-based jeweller, has bought the freehold of its flagship European store at 25/25a Old Bond Street and 15 Albermarle Street, London W1. It bought the property from a client of Strategic Real Estate Advisors for£27.4 million.

The purchase of the property means Tiffany can implement plans to refurbish and extend the store, which opened in 1986 and was first extended in 1991.

Construction is expected to begin early next year with completion due in the second half of 2004.

Vice-chairman James E Quinn said: 'London represents an important market for Tiffany. We will create a more spacious environment with expanded selling and customer circulation space.'

Jones Lang LaSalle represented Tiffany.