A new record retail rent of £240 Zone A has been set on London’s Piccadilly.

Caffé Concerto has agreed to pay the rent of £270,000 a year and a premium to take a 20-year lease with five-yearly reviews on the 2,164 sq ft unit at 61 Piccadilly.

The previous Zone A record was £210. Landlords CBRE Global Investors regained possession of the store after the parent company of the previous occupier Napket, went into administration.

Paul Souber of Briant Champion Long, who advised the landlord, said: “This letting is a good example of where a negative situation caused by a company collapse can be converted to a successful outcomne for the landlord, administrator and incoming retailer by active management and leasing.”

Briant Champion Long represented the landlord. TK Retail advised Caffé Concerto.