Sapcote Acquires Freehold of Wahaca in Islington
September 2, 2014
Coffer Corporate Leisure has acquired the freehold of 68-69 Upper Street, Islington on behalf of London and Strategic Estates, a wholly owned subsidiary of Sapcote Group PLC.
The property comprises a restaurant arranged over ground and basement levels trading as popular Mexican street food restaurant Wahaca with residential apartments above. The asset was acquired for a consideration of £3.75 million reflecting a net initial yield in excess of 5%.
James Millar of Sapcote Group said This is another exciting addition to our ever expanding leisure and retail portfolio.
Jack Silvani of Coffer Corporate Leisure added The Central London investment market is very hot right now, particularly for leisure occupied property. Investors are attracted to the long leases and significant rental growth prospects.
Upper Street is one of Londons prime leisure pitches. There is strong occupier demand for the location which we believe offers excellent long-term growth potential.
In H1 2014 we observed very sharp net initial yields of sub 4% being paid on Upper Street, including the ONeills which sold for 3.93% and the Slug and Lettuce which sold for 3.73%.
The market for leisure assets is exceptionally buoyant right now, it is a great time for long term property owners to strike while the iron is hot and dispose of assets for big prices.
Alex Neil (Commercial Auctions) of Allsop LLP acted for the vendor, a private client.