The Burlington Arcade, Mayfair's luxury shopping promenade, is up for sale and could fetch £400m.
The world-famous Burlington Arcade in Mayfair is currently up for sale.
First opened in 1819, the arcade is jointly owned by Thor Equities and Meyer Bergman, who bought the covered shopping mall in 2010 for £104 million.
But now it is estimated the arcade could sell for up to £400 million.
The current owners have refurbished the arcade, transforming the arches and the flooring. Today it retains its original features, and is known for its architectural grandeur as well as for its luxury brands.
With the fall in the value of the pound following the EU referendum in June 2016, the West End in general and luxury stores in particular, were targeted by overseas buyers eager to snap up bargains on high-end goods.
The arcade is world-famous, and a lot of interest is expected in its sale. Investors from Asia and the Middle East are expected to be especially interested in buying the shopping destination.
Running between Piccadilly and Old Burlington, the Burlington Arcade features 72 shops selling luxury goods, from silverware and hats to leather accessories and jewellery.
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International Business Times