Trophy Soho Leisure Property Acquired
December 2, 2014
Coffer Corporate Leisure has acquired the virtual freehold of 68-70 Wardour Street, Soho, London W1 on behalf of London and Strategic Estates, a wholly owned subsidiary of Sapcote Group PLC, for a consideration of £4.348 million which reflects a net initial yield of 5% and includes an option to acquire the freehold following the development of the upper parts.
The commercial restaurant premises, which is arranged over ground and basement levels, is occupied by MasQMenos a highly regarded Spanish restaurant concept, which operates over 20 sites across the globe. The upper parts are currently being developed to provide four luxury New York style loft apartments.
Jack Silvani at Coffer Corporate Leisure said: The property occupies one of the most sought after leisure pitches in London. The area benefits from a huge volume of footfall all day, 7 days a week and 365 days a year. Our sister company, Davis Coffer Lyons, has been involved in numerous letting transactions nearby and were able to draw upon their unparalleled understanding of the market and demand for this location.
This transaction is the latest in a swathe of over a dozen leisure investment deals we have completed within the Capital this year. The market is exceptionally buoyant and we would encourage holders of such property to consider their options.
James Millar of London and Strategic Estates said This property lies in the very heart of Soho and represented an unmissable opportunity to add to our central London leisure portfolio. When Coffer Corporate Leisure informed us there was an opportunity to acquire the property at a 5% yield we moved swiftly to facilitate a transaction.
Coffer Corporate Leisure is the only dedicated property investment and mergers & acquisitions advisor to the leisure industry.
Michael Elliott acted for the private Vendor.