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Highlights:
- Gaggenau has signed a 10-year lease for 6,900 sq ft at Great Portland Estates' Portman Square, doubling its footprint.
- The store will anchor GPE's 'Portman & Wigmore' development, with refurbishment works set to begin soon.
- GPE highlights the deal as part of its strategy to strengthen retail offerings in Central London.
London-based property group Great Portland Estates (LSE:GPE) has announced a significant retail lease agreement with luxury home appliances brand Gaggenau. The brand will occupy 6,900 square feet of retail space at Orchard Court, Marylebone, on a 10-year lease. This move will see Gaggenau doubling its retail footprint from its current location to establish a new flagship store at 6/7 Portman Square, located just behind Selfridges in the heart of Central London.
The new flagship store will anchor GPE's 'Portman & Wigmore' development, which also includes properties at 1/9 Portman Square and 132/142 Wigmore Street. Extensive refurbishment works for the new Gaggenau location are set to begin in the coming months, enhancing the overall appeal of the area for high-end retail.
Sarah Goldman, head of retail at GPE, expressed her excitement about the new partnership: "We are delighted that Gaggenau will be opening its new flagship at Portman Square. As one of the leading luxury home appliance brands, their decision to relocate from the renowned Wigmore Street and expand within the West End underscores the attractiveness of our central location at Portman & Wigmore and demonstrates our commitment to enhancing the retail offer."
GPE's new development aims to create a prime retail and office destination in the West End, and Gaggenau’s presence is expected to further elevate the appeal of the area for both shoppers and tenants alike.
