Investment Sale of Franco Manca, Bromley
June 28, 2021
Coffer Corporate Leisure has advised a private client on the disposal of 10 Widmore Road, Bromley.
The freehold property comprises a restaurant arranged over ground and basement levels, with two residential apartments above. The property is let to popular sourdough pizza restaurant chain Franco Manca who have a long lease over the entire property.
The price of £1.8million reflected a Net Initial Yield of 5.23%.
Jack Silvani, Director at Coffer Corporate Leisure who acted on behalf of the vendor, a private client, said “There is huge pent up demand from private investors and property companies who have held back from commercial purchases since the pandemic hit. Whilst many sectors – such as offices and retail – are facing huge long-term challenges, we believe hospitality businesses who are able to weather the storm will bounce back even stronger post pandemic. Pubs and restaurants in the best locations will continue to be highly sought after and will continue to provide safe, long-term rental income.
Coffer Corporate Leisure acted on behalf of the vendor, a private client. Ereira Mendoza acted on behalf of the purchaser, a charitable foundation.