Luxury boutiques and cafes line South Molton Street’s pedestrian-friendly leisure destination in Mayfair, London. But is the cutesy lane set to become a match for James Street, Marylebone?
48 South Molton Street housed a well-known retail store before its closure. Nearing the end of the lease, Lorenz were asked for advice by the landlord in searching for an alternative tenant that would bring them the most value.
To do so, we undertook valuation appraisals to establish which land use was likely to generate the highest income and which business would stand the best chance of success in the prestigious area. The inspections and appraisals concluded that a restaurant would be the most valuable.
Having determined restaurant use was the most valuable and also in highest demand, we undertook and pursued a planning application for:
- Full extraction,
- Modern shopfront alterations,
- A conservatory extension at the rear of the first floor,
- Dumb waiter; and
- Roof terrace
The application was successful meaning we could commence marketing the premises. Now it would be a restaurant space with an increased floor area and improved amenities, a higher rent than the previous tenant could be achieved.
Following a comprehensive marketing campaign, we were delighted to find Middle Eastern and Mediterranean-themed restaurant, Fait Maison and their Executive Chef and Creative Director, Om Waleed. We agreed on terms at the quoting rent on a fifteen-year lease.
The transformation of South Molton Street from a traditional retail hub to a bustling food and beverage destination reminiscent of Marylebone’s James Street is evident and we predict more premises on the street to follow suit.
Lorenz wishes Fait Maison and Om Waleed, their talented and celebrated Executive Chef and Creative Director, a very warm welcome to Mayfair.