Disposal of Chili’s property assets
November 23, 2009
Coffer Corporate Leisure (CCL) was instructed by MCR, the Administrators of Brinker International’s UK arm, to dispose of the group’s property assets. The UK group included units operating under the US casual dining giants Chili’s Grill & Bar, Maggiano’s and Romano’s Macaroni Grill brands.
CCL in association with sister company Davis Coffer Lyons successfully found buyers for the three leasehold sites located in The Oracle, Reading; Festival Leisure Park, Basildon; and Cabot Place East, Canary Wharf.
The Oracle Reading site has been taken by Jamie Oliver’s Jamie’s Italian concept which is due to open in March 2010.
Gondola Holdings have secured the Basildon and Canary Wharf units, with the former to be converted to a Pizza Express format. The Canary Wharf site has been split to form two units with Gondola’s fledgling Byron brand taking half with a deal having been struck with Nando’s for the remaining half.
Substantial premiums were generated for all three units demonstrating that good quality sites remain very much in demand from competing operators.
CCL successfully negotiated lease surrenders with respective Landlords for the remaining units in administration.