Sale and leaseback of Bird of Smithfield, Farringdon
September 2, 2019
Specialist leisure investment advisers Coffer Corporate Leisure has advised Freshwater Pub Company on the sale and leaseback of 26 Smithfield Street – Bird of Smithfield.
The sale price of £3.9m reflected a Net Initial Yield of 3.61% and allowed Freshwater to secure long-term occupation of the site via a new 25-year leaseback. The property was acquired by a local businessman with ties to the historic Smithfield meat market.
Mark Sheehan, Managing Director, Coffer Corporate Leisure, said, “We had strong interest in this sale and leaseback. It’s a well invested asset operated very well. The roof terrace is one of the best in London. The pub sector is in rude health. The defensive nature is demonstrated by recent M&A activity with recommended bids for both Greene King and EI Group from very long-term investors.
Coffer Corporate Leisure advised the vendor.