Acquisition of 9-11 Castle Street, Cardiff
October 15, 2021
Coffer Corporate Leisure has advised AEW UK on the acquisition of 9-11 Castle Street, Cardiff. The purchase price was £3.45 million.
The freehold investment comprises a 3-storey property arranged over basement, ground and two upper levels, totalling c.23,900 sq ft. The ground, basement and first floors trade as Revolution, while the second floor comprises four separate office suites.
Mark Sheehan, Managing Director at Coffer Corporate Leisure, said “This is yet another example of appetite for hospitality investments with strong underlying fundamentals. The property is well located in a popular late-night city and Revolution is an excellent operator”.
Revolution recently announced they were experiencing strong demand with same site sales growth of c.17% for the period July to October 2021 compared to the same period in 2019 before the pandemic.
Mark Sheehan continued, “Consumers are embracing the bar sector once again since the full easement of COVID-19 restrictions, and we believe Revolution are well placed to continue this encouraging performance in the face of this growing demand. AEW identified this opportunity as very defensive and exactly the type of investment they target”.
The recent trends in the wider hospitality sector can only been seen as a positive, and we are very confident this growth in demand will continue into the coming months.
We are very busy at present. We’ve had a busy 2021 and have a very strong pipeline. Demand exceeds supply”.
Coffer Corporate Leisure acted for the purchaser, AEW UK. TT&G acted on behalf of the Vendor.