DTZ Investors, advised by Colliers International has completed a letting to Rituals; the Dutch cosmetics brand for its flagship UK concept store at 131 High Street Kensington, London.
Following a lease surrender by fashion retailer East, Rituals has agreed a 10-year lease on the 1500 sq. ft. store for a rental of £195,000 per annum. The store is located in the prime retail block to the west of High Street Kensington underground station and in proximity to a number of major retailers.
Commenting on the deal Paul Souber, head of London retail agency at Colliers International, said: “DTZ Investors is looking to appeal to a vibrant mix of aspirational lifestyle and fashion brands to their block on High Street Kensington. High-end retailers like Rituals are attracted by this stylish part of London as it offers the right demographic and fits well with their brand image.”
Established in 2000 by founder Raymond Cloosterman, Rituals is a unique concept combining luxury home and body cosmetics, high quality products that enrich body and soul. They have 400 stores located worldwide and products are sold through their web shop, at almost 1400 concessions within leading department stores worldwide, onboard airlines and in 25,000 hotel rooms.
David Peacock, portfolio manager at DTZ Investors said: “This new letting follows a number of asset management initiatives including regearing existing leases with key occupiers and pursuing improvements of the residential element, following our purchase of the block in March 2015. The recent activity is testament to the core nature of the fund’s asset. Favourite British Lifestyle brand Oliver Bonas and communications giant EE have both taken extended leases.”
Owners, DTZ Investors was advised by Colliers International, Rituals was advised by Harper Denis Hobbs.