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.