Home Commercial PropertyContemporary art boom fuels Mayfair acquisitions

Contemporary art boom fuels Mayfair acquisitions

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6th Sep 11 3:19 pm

A boom in the contemporary art market is making a substantial impact on Mayfair property, with acquisitions for gallery spaces becoming more sought after than ever, according to The Lorenz Consultancy.

The property specialists say they have experienced a rush from gallery occupiers in the UK and abroad looking to secure retail premises.

โ€œIt is not just the location that they want,โ€ says Lorenz head Anthony Epenetos, but โ€œthe correct atmosphere and feel of the building.

โ€œThey are prepared to pay rents and premiums to even outbid international retailers.โ€

Epenetos cites the quick sell behind the Alexia Goethe Gallery in Dover Street (pictured) which, when marketed, was sold within a month at a full market rent with a substantial premium, as an example of the current bullish market.

But liquidity is a problem. โ€œOnly a limited number of retail premises suit the bill and, therefore, investigating the open market is not really the key to satisfying demand,โ€ says Epenetos, who chooses to look for alternative spaces and targets he describes as โ€œless profitable retailers, carpet dealers, antique dealers and the likeโ€.

These retailers, he says, might be more prepared to relinquish their holdings.

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