Gwyneth Paltrow attends the opening of the new Louis Vuitton store on New Bond Street, London

Ray and Eileen Monahan, the Sligo-based business people with links to the Doyle Collection hotel group, have sold their retail investment property on Bond Street in London to luxury group LVMH. The retailer has agreed to pay about €60m for the property which had been acquired by the Monahans two years ago for €34m. The shop had been let to LVMH-subsidiary Louis Vuitton.

Retailers have been buying shops they let on Bond Street so that they can have some control over future rental levels. The stores there are mostly run as loss leaders in order to ensure brand awareness on what is regarded as the most important shopping street in Europe for luxury retailers.

The lease on the building runs to 2024 and includes a break option in 2019. There are also three floors of self-contained offices and two apartments in the building.

In May Louis Vuitton opened a new store on the street, the opening of which attracted the likes of Gwyneth Paltrow (above) and Elle McPherson. The shop previously opened by the Monahans is now expected to be used by Celine, also owned by LVMH.