Property Merchant Group and Morley Fund Management, advised by Strutt & Parker and Nash Bond, have raised the tenant profile of Maddox Street, London, W1, with the completion of a series of new retail lettings, including the multi award-winning, two Michelin star restaurant Hibscus, which has relocated to London from its famous home in Ludlow, Shropshire.

The three properties form part of 23 - 29 Maddox Street, the new mixed use development comprising 26,000 sq ft of office space, 5,000 sq ft retail and seven new apartments. Since the completion of the development last year, Property Merchant Group and Morley Fund Management have successfully let all the office space at record rents for the street.

Full details of the retail lettings are as follows:

• Hibiscus, has taken the retail unit at 29 Maddox Street, totalling 3,000 sq ft, on a 25 year lease. Shelley Sandzer advised Hibiscus.

• The contemporary art gallery, Le Violon Bleu, has taken the retail unit at 23 Maddox Street, totalling 838 sq ft, on a ten year lease, at a rent of £35,000 per annum. Brecker Grossmith advised Le Violon Bleu.

• The Italian sculptor, Gianfranco Meggiato, has taken the retail unit at 27 Maddox Street, totalling 931 sq ft on a 15 year lease at a rent of £53,000 per annum. Kitchen La Frenais Morgan advised Gianfranco Meggiato.

The 26,000 sq ft of office space at 25 Maddox Street, has been let in its entirety to three separate tenants setting a new rental record for the immediate locality. Strutt & Parker and Teacher Markers advised The Property Merchant Group and Morley Fund Management.

Full details of the office lettings are as follows:

• Aladdin Capital Management has taken 4,633 sq ft of office accommodation on the first floor at 25 Maddox Street on a ten year lease at a rent of £87.50 per sq ft. HNG advised Aladdin Capital Management.

• Condé Nast has taken a total of 16,688 sq ft on the second, fourth, fifth and sixth floors at 25 Maddox Street. The British publishing company has taken a ten year lease, with the fifth and sixth floors achieving a rent of £90 per sq ft, the fourth floor achieving a rent of £80 per sq ft and the second floor achieving a rent of £87.50 per sq ft. Pilcher Hershman & Partners advised Condé Nast.

• Carillion plc, also the contractor on the project, has taken 4,674 sq ft of office accommodation on the third floor at 25 Maddox Street. The support services and construction company has taken a ten year lease at a rent of £87.78 per sq ft. JV Property advised Carillion.

James Bowdidge, Chief Executive of The Property Merchant Group, comments:

“We have been delighted to work with Morley and the team on a very successful project and we are all eagerly anticipating the celebration at Hibiscus next month!”

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