Sale and leaseback of iconic Soho pub completed
November 19, 2013
Comptons, one of Sohos most iconic and successful public houses, has been sold by Coffer Corporate Leisure on behalf of Kicking Horse Limited and their operating partner Faucet Inns Ltd. CBRE Global Investors, represented by IMPRO, paid an undisclosed sum for the freehold.
Located on Old Compton Street, the successful pub operator Faucet Inn will continue to operate on a new 25 year lease. Faucet is a leading public house operator with 19 other establishments across London and four in the south east of England including The Warrington in Maida Vale, Sir Richard Steele in Belsize Park and The Old Shades on Whitehall.
Comptons currently boasts an internal area of 4,771 sq ft. As part of the transaction the tenant will develop the two upper floors of the building. This development will involve renovating the second floor and restoring the third floor which was damaged in the war. Once completed these works will add 1,200 sq ft of new space and create three luxury flats.
Steve Cox CEO of Faucet Inns said We are pleased to have been involved in the sale of the freehold to a long term investor, and excited about our future operating this iconic venue for at least a further 25 years.
Mark Sheehan, Managing Director of Coffer Corporate Leisure who acted on behalf of the vendor said: Comptons is an iconic venue in the very heart of Soho. It enjoys extremely strong trading, which, coupled with its location on one of the Capitals busiest thoroughfares and Faucet Inns covenant – makes it a sound investment.
This effective sale and leaseback deal highlights the strength of the leisure sector for both institutional and private investors. We have advised on over £200 million of leisure investment transactions in 2013, our busiest period since 2007. Leisure is very attractive at present.
Paul Gale, Director of IMPRO who acted on behalf of the purchaser said: We believe this to be a unique opportunity with excellent growth prospects; this is an iconic and very attractive building in a highly sought after West End London location. We are delighted to have been involved in this transaction
Laura Wilson-Brown, Director of CBRE Global Investors said There are numerous factors that make this an excellent acquisition for our portfolio. The prime location with high footfall in Central London and strong rental growth prospects. This core asset will also provide a long term inflation hedge which meets the investment requirements of our client.