Pizza Express on Greek Street, Soho, Sold to UK Property Company
April 26, 2017
Coffer Corporate Leisure has completed the freehold acquisition of Pizza
Express on Greek Street in Soho for £4.7m (3.5% net) on behalf of a private
Jack Silvani, Director, Coffer Corporate Leisure said, The asset was
acquired through Allsop after it failed to sell
at its commercial auction. Opportunities to invest in the heart of Londons West End
are few and far between, particularly in the leisure sector which has seen
sustained and consistent growth. The subject
property is nestled between the soon to open east/west and proposed north/south
Crossrail stations which are expected to drive footfall through Sohos
north/south thoroughfares Wardour, Dean, Frith and Greek Street.
Pizza Express has only four years left on its
occupational lease, however confidence in the central London restaurant market
is so robust that often unexpired lease length is considered academic. In fact,
in many cases landlords are keen for the incumbent tenant not to renew their
lease so they can take advantage of the strong occupational market.
This is the ninth property Coffer Corporate Leisure
has advised on the transaction of in Soho over the past 12 months, with two
more currently in legals. The market is
exceptionally buoyant with yields typically ranging between 2.75% and 3.50%.