Central London retail investment volumes hit £424m in Q2 2024 – a 71% increase on the previous quarter, according to new data from CBRE.
Four separate transactions on Bond Street accounted for almost 60% of total London retail investment volumes in the first six months of 2024.
Leasing activity also gained momentum in Central London in Q2, with CBRE’s data showing that all retailers moving stores on Oxford Street upsized their presence by 195% on average.
In 2024 to date, 19 lettings completed on Oxford Street, totalling 170,000 sq ft, and since the start of 2023 there have been 30 new entrants to the street and six new brands to the UK market.
Phil Cann, executive director at CBRE, said: “We continue to see strong investment for key central London locations, with Bond Street remaining a primary area of focus and in particular, luxury brands beelining for the middle of New Bond Street as they look to cement their physical position. With rental growth being realised in a number of locations, investor confidence continues to grow, and we expect full year investment volumes to exceed last year.”
Graham Barr, head of UK retail at CBRE, added: “Off the back of a record year for leasing activity, there have been no signs of a slowdown so far this year. Despite the competitive pressures of online shopping, it is clear that consumers want a holistic, in-store shopping experience. The strong activity levels across the board and a robust development pipeline firmly puts London’s West End back on the international stage.”
