Bills and Paul on Kingsway Acquired by Consortium of Investors
February 8, 2018
Leisure investment
specialists Coffer Corporate Leisure has completed the acquisition of 38-42
Kingsway, London WC2 – a prime central London restaurant/retail investment on
behalf of a consortium of private investors.
The property comprises two
commercial units arranged as restaurant and retail premises, let to Bills
Restaurants and PAUL U.K respectively. The purchase price of £7.5million
reflects a Net Initial Yield of 3.80%.
Jack Silvani, Director at
Coffer Corporate Leisure said, It is a difficult task to purchase prime assets
in Central London – particularly in the sub £10m price bracket as competition
is fierce and stock is limited. This supply/demand disparity is continuing to
compress yields on prime/super prime assets but isnt reflective of the wider
investment market where we anticipate yields for secondary product may begin to
drift.
The footfall in and around
Holborn Station which is partly channelled through Kingsway is impressive and,
crucially, present 7 days a week. Commercial rents on Kingsway and other areas
of Midtown, particularly in the restaurant sector, trade at a significant
discount to other West End locations and we believe there are good growth
prospects.
Savills acted on behalf of
the Vendor, a private investor. Coffer Corporate Leisure acted on behalf of the
purchaser, a consortium of private investors.