Paris Apple store on the block for €700m

By James Buckley - Thursday, October 05, 2017 6:53

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The iconic Apple store on Avenue des Champs-Élysées, Paris’ famous luxury retail parade, has been put up for sale for €700m, CoStar News can reveal.

The private French owner of the building at 114 Avenue des Champs-Élysées has instructed JLL and Morgan Stanley to find a buyer for the freehold block for a net initial yield of 2.5%.

Apple occupies around 5,500 sq m (59,000 sq ft) in its store on the lower levels of the seven-story building, paying an annual rent of around €12m per annum. The upper floors in the building are used as office space.

Paris' Avenue des Champs Élysées is the most expensive retail location in Europe, according to Cushman & Wakefield's annual Main Streets Across the World report last November, despite a decline in tourist numbers and spend, charging $1,368 per sq ft. The area is more expensive than London’s New Bond Street, which now commands an average rent of $1,283 per sq ft per year.

France has the highest number of expensive high streets within Europe, all of which are located in Paris.

Apple’s Paris store was designed by architect Norman Foster, adding to the US firm’s 19 Apple Stores across France, including a pop-up Apple Watch shop at the Galerie Lafayette department store.
Apple was first linked with establishing a presence on the Champs-Élysées in 2003. However, the firm ended up looking elsewhere in Paris after being unable to find a suitable location offering a long-term lease.

jbuckley@costar.co.uk

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