Savills has bought leading central London retail, restaurant and leisure agent Nash Bond in a major statement of intent towards the sector, CoStar News can reveal.
Savills said the acquisition, for an undisclosed price, gives it the opportunity to enhance the strength of its existing 20-strong central London retail business to take advantage of the recovering retail market. It said this is clearly evidenced by the recent closing of deals with Uniqlo and Footasylum on Oxford Street, Gucci on Bond Street for Derwent London, Norges and Trophaeum respectively. It also significantly expands its global retail offer to clients.
Nash Bond is based in London and provides advice across lease advisory, placemaking, strategic delivery, luxury, development advisory, occupiers, retail and F&B leisure.
Staff at Nash Bond are understood to have been told the deal was completing this weekend ahead of the deal announcement being made at the MAPIC retail property conference taking place in Cannes this week.
The acquisition sees Savills compete with CBRE for biggest retail agency buy of the year following CBRE's recent acquisition of leading asset manager Sovereign Centros.
Nash Bond was founded in 2003 by its joint managing directors Mark Nash and Andrew Bond. There are five equity members, the co-managing director, chief executive Cameron Scott, and executive directors Richard Scott and David Bannister. The firm has 11 directors and is a market leader in retail, F&B and leisure work, in both an agency and lease advisory capacity. Among its established clients are major London estates such as Cadogan, Crown and Portman as well as developers and real estate investment trust including Shaftesbury Capital, British Land, Crosstree, Great Portland Estates, Argent, Landsec and Lendlease. The firm also advises many UK and international funds, developers and private investors as well as retailers.
James Sparrow, CEO of Savills UK and EMEA, said in a statement: “We are thrilled to have acquired this fantastic business that we have long admired with such a great reputation. We have seen a significant recovery in the central London retail markets. We have always known these markets would come back and with a strong international prime global retail network we are looking forward to expanding our service for clients in London.”
Cameron Scott, CEO and head of agency at Nash Bond, added: ‘’This is an incredibly exciting opportunity for our business to join the existing Savills team to bring greater exposure both in the UK and internationally for both firms’ existing landlord and retailer client base, as well as realising an unrivalled opportunity to provide best in class service across the London market.”