Orchard Street achieves record rent at West One

Orchard Street secures letting in Oxford Street’s West One Shopping Centre for a rent of £900 ITZA

Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager announces that, on behalf of one of its clients, it has completed a new 10-year lease withTurkish bakery and tea chain,Simit Sarayi to open its first UK store in the West One Shopping Centre on Oxford Street, London.

Simit Sarayi will take a total of c.1000 sq ft for a record zone A rent of close to £900 ITZA. The store, which fronts onto Oxford Street, is due to open in the autumn of 2014 as part of the chain’s international expansion plans.

Situated above Bond Street underground station, West One Shopping Centre comprises over 47,000 sq ft of high quality retail space and has an average weekly footfall of 350,000 people. It incorporates a variety of different store formats and current tenants include Boots, M&S Food, Superdrug and Pret a Manger.

Simit Sarayi, which opened its first store in Istanbul, Turkey, in 2002, now employs over 6,500 people worldwide and has outlets in countries including Cyprus, Germany, the Netherlands and Saudi Arabia. The chain is best known for its freshly baked sesame-covered simits, a Turkish bagel, of which it sells 83,000 a day.

Anna Bradford at Orchard Street, said:

“We are extremely pleased that Simit Sarayi has chosen West One for its first UK store. Simit Sarayi will complement the centre’s existing mix of tenants and offer our visitors something truly unique.”

Orchard Street were advised by Savills.