Disposal of 8 Victoria Embankment – the famous Proud Embankment Burlesque Venue
October 11, 2021
Coffer Corporate Leisure has advised a private client on the investment disposal of 8 Victoria Embankment – the famous burlesque venue home to Proud Cabaret – for £8 million.
Situated under Waterloo Bridge, the former tram shed features c.20,000 sq ft of entertainment space currently let to Proud Embankment, a renowned late-night operator, until 2038.
Mark Sheehan, Managing Director at Coffer Corporate Leisure, said “This was a fantastic opportunity to acquire an exceptional live entertainment venue moments from Covent Garden.
Consumers are starting to come back to the city, seeking experienced-based leisure activities centred around social interaction and competitive socialising. 8 Victoria Embankment is in a great position to capitalise on this trend with all the basics of a great leisure venue, as well as the defensive nature of its locality in one of London’s busiest tourist spots.
The leisure sector has been one of the best performers since the removal of COVID-19 restrictions and we are beginning to see green shoots of recovery across all operators. Whilst the sector still faces operational challenges, the property investment community are very much back in the market. We expect this trend to continue into the coming months as we look to the future.
Demand is very high especially for long leases with strong trading and we are achieving low yields across the market”.
Coffer Corporate Leisure acted for the Vendor, a private client. Cushman & Wakefield acted for the purchaser, Castlebrooke Investments.