Luxury watchmaker Patek Philippe will officially be extending its salon on London’s prestigious Bond Street. The manufacture, which currently occupies 15 Bond Street, will be taking over the property next door at 16 Bond Street.
Back in August 2013, Patek Philippe secured an agreement with Aurum Holdings to take over the leasehold of their 16 New Bond Street store. This weekend the London Evening Standard reported that Watches of Switzerland (a subsidiary of Aurum Holdings Ltd) has officially sold the lease on the 1200-square foot store to Patek Philippe for £10 million (approximately $US16,727,000) — a record price per square foot.
The date for the beginning of the refurbishment and official inauguration of the new Patek Philippe London Salon is still to be confirmed.
Mark Hearn, the Managing Director for Patek Philippe UK, told us, “This is a wonderful opportunity for Patek Philippe in the UK and more specifically in London to raise its profile and image in a strategically global retailer environment as important as Bond Street.”
The Salon Director Ed Butland added, “We are delighted to be able to increase our presence in Bond Street which will allow us to enhance still further the very special Patek Philippe experience that our customers expect and enjoy.”
The Swiss manufacture has been a mainstay on Bond Street since the 1980s, initially with a boutique managed by Watches of Switzerland. In 2005, Patek Philippe acquired the shop and opened its own salon, which was then fully renovated in 2008.
The London salon carries the largest and most extensive range of Patek Philippe watches available in the UK, including Grand Complications and Haute Joaillerie models. The London Salon is one of only three retail showrooms fully owned by Patek Philippe (together with Geneva and Paris).
Pictured above is the current Patek Philippe space on Bond Street. Photos courtesy Patek Philippe.