Real estate and corporate lawyers from Bristol-headquartered Burges Salmon have advised on the record-breaking acquisition of one of London’s most-exclusive shopping addresses.
The Rolex Store at One Hyde Park, Knightsbridge, was bought by a client of the firm for £22m less than four years after Russian businessman Grigory Guselnikov paid £13m for it.
The sharp rise in the outlet’s value is a record yield for this well-heeled part of London’s retail market. It is next door to the five -Mandarin Oriental hotel and opposite department store Harvey Nichols.
The new owner of the 2,800 sq ft store, said to be a private Middle Eastern client, is part of a strategic group of companies with interests across the US, Europe, Middle East and Africa. 
The acquisition was structured through a corporate acquisition of the property holding company. Burges Salmon assembled a cross-departmental team comprising real estate, corporate and tax lawyers to complete the deal.
The Burges Salmon team, led by real estate partner Richard Read and corporate senior associate Claire Porter-Bryant, carried out due diligence on the property and negotiated the sale agreement with the sellers’ lawyers. The team also co-ordinated advice in the British Virgin Islands.
Richard Read, pictured, said: “This was a high-value transaction undertaken on a tight timescale and involved people in several time zones. Our client is now the owner of a prestigious piece of real estate in central London, which comes with a high-calibre tenant and the opportunity for upside in the form of a rent review in 2016.
“The private investor is an existing client of the firm and chose us for our proven track record in advising on high-value real estate acquisitions for them.”
