Camden’s KOKO Acquired by Overseas Investors through Coffer Corporate Leisure
August 1, 2012
Coffer Corporate Leisure has advised an overseas investor on the freehold acquisition of KOKO (the former Camden Palace) in Camden, London NW1, at a net initial yield of approximately 6%.
KOKO is one of London’s most renowned venues, grade II-listed and dating back to 1900. The 29,926 sq ft club is located at 1 Camden High Street. An iconic building in a Baroque style, it was formerly known as the Camden Palace until 2004, and before that known as the Music Machine, and the Camden Theatre.
It is one of the largest theatres in London outside the West End, hosting performances over the decades by Charlie Chaplin, Madonna, The Clash, Prince, Oasis, Monty Pythons Flying Circus, and Radiohead, as well as regular weekly club nights including Club NME. The Channel 4 programme, The Album Chart Show was also recorded at KOKO.
KOKO is to Obar Camden, highly regarded in the sector and owned by the Mint Group, until November 2028 at a rent of £548,337 a year.
Mark Sheehan, Managing Director of Coffer Corporate Leisure, said, KOKO is one of Londons most successful live music venues which has had continued investment over the years to keep its position as one of the best performers in its market and remains an iconic brand. It was through detailed specialist knowledge of the leisure sector that we were able to advise our clients on both the value of the property but also the long-term sustainability of the tenant and business.