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Italian fashion company Calzedonia today bought its flagship UK Tezenis store at Oxford Circus for £22.9 million — a 12.5% premium on its value at the end of March in a sign the London property market is turning.
The Verona-based firm, which hired model Gisele Bundchen as the face and body of its summer range, bought Spirella House on the corner of Oxford Street and Regent Street in a mark of intent for its operations in the capital.
The building includes three floors of shop space and five storeys of offices, and is home to one of two Tezenis outlets in London, the other being in the Westfield shopping centre.
Tezenis sells underwear and pyjamas for men, women and children.
Calzedonia bought the site off Great Capital Partnership, a joint venture between London landlords Great Portland Estates (GPE) and Capital & Counties.
The price was 12.5% higher than when Spirella House was valued at the end of March following extensive refurbishment and the start of a recovery in the London property market.
Robert Noel, property director at GPE, said: “The sale is in line with our usual disciplined approach of recycling capital from mature assets.”
Spirella House is held on a lease from The Crown Estate for a further 123 years.
