Prestige deal for city lawyer

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Quick work by Sheffield and Leeds-based commercial law firm Lupton Fawcett has helped prestige menswear retailer Austin Reed to change its location on London’s Regent Street.

The move across the road to create a new Aquascutum Austin Reed store enabled fashion retailer Superdry to move into Austin Reed’s former premises and required contracts to be exchanged within a fortnight of the lawyers being instructed.

The deals involved the highest premiums ever paid for the assignment of commercial leases with open market rents, with Austin Reed receiving £15 million from Superdry.