Building’s owner to sell building on Rue de la Paix for £25m.
The owner of the building that holds Tiffany & Co’s flagship Paris store is putting the 770sqm shop up for sale with a price tag of more than £25 million.
The building has been described as “a trophy retail asset” by commercial estate agent CBRE, which is handling the sale on behalf of the building’s owner.
As well as housing Tiffany & Co, the building on 6 Rue de la Paix is also home to Kornmesser, an Austrian luxury jewellery and porcelain retailer. Both jewellery retailers have recently signed for new long-term leases.
CBRE Capital Markets Paris associate Larry Young said: “Prime retail properties of this quality and with this strength of tenant are rare and we are very excited to bring to this building to the market. Rue de la Paix is amongst the world’s most prestigious retail destinations and we will be seeking prices in excess of €30 million for the SPV, with initial offers being sought in late March.”
The Rue de la Paix is one of the most prestigious streets in capital for luxury retail and is also home to Bulgari, Van Cleef & Arpels, Hermes and Cartier. The street runs into Place Vendôme, another hot spot for luxury jewellery and watch retail that is soon to hold the new Louis Vuitton flagship store as well as a store for Breguet.