Rolex’s owner, the Hans Wilsdorf Foundation family trust, has bought a long lease on Bond Street House, one of the most prestigious properties retail properties in Mayfair and home to London flagships for Patek Philippe and Chanel.
The deal was completed in March for £160 million, above its advertised price of £150 million.
It was the largest property transaction in London’s West End that month, according to Savills.
Bond Street House is a giant five-storey building, with office space and retail frontage on both Clifford Street and New Bond Street.
The long lease opportunity has been listed at a price of £150 million on the website of Michael Elliot, a specialist London investment and development advisory.
Patek Philippe Salon Limited runs a split-level Patek Philippe showroom at 16 New Bond Street with frontage on New Bond Street and Clifford Street.
That showroom generated sales of £66.1 million in the year ended January 31, 2020, the final full year before the pandemic decimated central London retail.
Hans Wilsdorf Foundation is a significant real estate investor in London, unrelated to its ownership of Rolex.
Its purchase of a long lease for Bond Street House is not expected to mean there will be any changes to the sub-letting of the retail space to Patek Philippe or Chanel, both of which are reported to have many years to run on their current leases.
The freehold for New Bond Street House is owned by Pollen Estate, which replied to inquiries from WATCHPRO saying it does not wish to comment on the deal at this stage.
