The Family-owned department store Fenwick has exchanged on the sale of its New Bond Street premises to Lazari Investments for £430 million for a mixed use redevelopment. The group confirmed it had made the “difficult” decision to sell the 181-year-old property to unlock major investment at its stores across the country, including flagships in Newcastle and Kingston-upon-Thames.
Fenwick began in 1882 and now operates nine stores across the UK. The New Bond Street department store began trading in 1891 and is one of the flagships in West End retail, and the only department store on Bond Street. It has stores in Newcastle, York, Bracknell, Canterbury, Colchester, Kingston, Tunbridge Wells and at north London’s Brent Cross shopping centre.
Lazari investments began with Christos Lazari who was born in Dora, Limassol arrived in Britain at 16 years old with £20 in his pocket to seek a future here in London. In the early seventies he started working in the dress business eventually owning his own dress manufacturing business Drendie Girl before entering in the property investment business. He sadly passed away in 2015.
The company is now run by his family.