Investment acquisition of Black and Blue, Marylebone
March 15, 2016
The freehold property comprises a restaurant arranged over ground and basement levels, with 5 apartments arranged over the upper levels. The consideration of £6.5million reflected a Net Initial Yield of 3.64%.
The property has been sold subject to a new 25-year occupational lease to Black and Blue, the well-known steak restaurant group. The residential apartments are sold off on long leases.
Alongside Coffer Corporate Leisure, the purchaser a private client, was advised by Steven Ossack Associates. Cedar Dean Gilmarc acted for the Vendor.
Jack Silvani of Coffer Corporate Leisure said “Black and Blue were keen to capitalise on the buoyant central London investment market while retaining occupation of what is a very strong trading site. Restaurant properties of this calibre are few and far between and this is a great time for long term property holders to exploit the central London investment market.”