Lupton Fawcett Helps Retail Giant Austin Reed In Flagship Store Move
Lupton Fawcett has advised it's client, the Austin Reed Group, on the acquisition of a new flagship store. Austin Reed's move to100 Regent Street allowed it to transfer its old store at 103-113 Regent Street to new owners, whilst remaining onRegent Street, its spiritual home.
David Bowden, Lead Director at Lupton Fawcett for the Austin Reed Group, was instructed to assign the lease of its old flagship store to Superdry and to take an assignment of the Aquascutum Store lease which is almost directly opposite the new store onRegent Street.
The new Regent Street store will allow the Austin Reed Group to present the Austin Reed and Viyella range in two separate flagship premises.
Timing was key to this move to ensure continuity of trade. Consents from the Landlord including Great Portland Estates and the Crown were obtained as well as additional timing issues including a rapid move to exchange of contracts within 14 days from initial instruction. The transactions involved the highest premiums ever paid for the assignment of commercial leases with open market rents. The Austin Reed Group was given £15 million by Supergroup for the old premises commercial lease and paid £5 million to acquire the new100 Regent Street property.
Colin Horsley, Property Consultant at Austin Reed comments: "Lupton Fawcett continues to provide exceptionally high quality legal advice whilst ensuring that we continue to meet our business objectives. The recent acquisition of a new flagship store was significantly assisted by the firm's excellent team work, our ability to have direct access to David and his team, and their concise, accurate advice given even on a very tight timescale."
Commenting on the Group's growth plans, David said: "Austin Reed has been synonymous with Regent Street since 1926 since its move from Fenchurch Street. The new Austin Reed Regent Street flagship store reignites the spirit of British heritage tailoring, transforming the retail landscape on Regent Street and consolidates the brand's profile for the future. I continue to be extremely excited to be part of the Group's strategic acquisitions and remain committed to ensuring that Lupton Fawcett contributes to Austin Reed's achievement of their business objectives"
The new store launch was attended by Sir Phillip Green and Sir Stuart Rose who turned up to lend their support to Nick Hollingworth, the Austin Reed Group's C.E.O.