CB Hillier Parker has suffered a major blow by losing the management contract of one of Britain's most important retailing streets.
Following a competitive tendering process, Cushman & Wakefield Healey & Baker has been appointed by the Crown Estate as the new managing agent of London's Regent Street. The firm takes over in October after winning a five-year, multi-million pound contract.
According to a Cushman & Wakefield Healey & Baker spokesman: 'As a trophy asset management appointment, this is as good as it gets.'
Cushman & Wakefield Healey & Baker deputy senior partner Andy Gulliford said the Regent Street coup was 'one of the most prestigious appointments'.
The firm will now set about agreeing a plan with The Crown Estate for Regent Street. 'We're hoping to make Regent Street even more of a world-class destination for retail,' said Gulliford. The firm's Simon Elmer will oversee asset management of Regent Street.
CB Hillier Parker had managed Regent Street for the past 11 years, during which travel agents and cashmere retailers have been ditched in favour of fashion stores including French Connection and Mango. The thoroughfare from Oxford Circus to Piccadilly Circus accounts for about£800 million of the Crown's£4 billion property portfolio.
Crown Estate chief executive Roger Bright said: 'In the tendering process, they (Cushman & Wakefield Healey & Baker) displayed innovation and impressive knowledge linked with strong customer care credentials, which will help us deliver our ambitious plans for Regent Street.'
CB Hillier Parker continues to be retained on three major projects on the key West End street, including the redevelopment of 229/247 Regent Street.
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