5 Old Bond Street occupies a pivotal position on the end of a central terrace in Old Bond Street. Other retailers in the block are Radley and Jo Malone. The occupier of No. 5, Pylones, had a number of years to go on their lease but were contributing little to St Johns’ aspiration of improving and upgrading their tenant mix. Negotiations took place for a lease surrender with a consideration in lieu of dilapidations being offset against the ‘premium’ value of the lease. Bobbi Brown were introduced as potential occupiers and following negotiations, a back-to-back transaction was effected with simultaneous surrender and granting of the new lease on enhanced terms.
Meanwhile at No 15 Old Bond Street, Square, a local trader of long standing were in persistent arrears and, following negotiations to remove them, Charles Tyrwhitt were introduced as new occupiers. Again on better terms, completing a very satisfactory improvement to the Street, supporting the other retailers in the island block as well as Gieves, Russell & Bromley, Gap, and Halcyon galleries.
St John's Foundation, as a result of the transactions, saw a significant uplift in both income and capital value of their portfolio, the lettings facilitating significant rental uplifts on several of their adjoining retail units through rent increases on review and renewal.