Investment acquisition of Bill’s and Paul, Kingsway
February 7, 2018
Leisure investment specialists Coffer Corporate Leisure has completed the acquisition of 38-42 Kingsway, London WC2 – a prime central London restaurant/retail investment on behalf of a consortium of private investors.
The property comprises two commercial units arranged as restaurant and retail premises, let to Bills Restaurants and PAUL U.K respectively. The purchase price of £7.5million reflects a Net Initial Yield of 3.80%.
Jack Silvani, Director at Coffer Corporate Leisure said, “It is a difficult task to purchase prime assets in Central London – particularly in the sub £10m price bracket as competition is fierce and stock is limited. This supply/demand disparity is continuing to compress yields on prime/super prime assets but isn’t reflective of the wider investment market where we anticipate yields for secondary product may begin to drift.
The footfall in and around Holborn Station which is partly channelled through Kingsway is impressive and, crucially, present 7 days a week. Commercial rents on Kingsway and other areas of Midtown, particularly in the restaurant sector, trade at a significant discount to other West End locations and we believe there are good growth prospects.”
Savills acted on behalf of the Vendor, a private investor. Coffer Corporate Leisure acted on behalf of the purchaser, a consortium of private investors.