Coffer Corporate Leisure has advised a private client on the sale of 65 Union Street, London SE1.

The property comprises a public house, trading as Rose & Crown, let to Stonegate Pub Company with a further 23 years unexpired.

The price, £2,190,000, reflected a Net Initial Yield of 3.50%.

Jack Silvani, Director at Coffer Corporate Leisure who advised the purchaser said “Over the past 3 months investment transaction volumes have dropped significantly in all sectors – in some this has led to little or no transactions taking place at all. Leisure has proven more robust than most and there remains sufficient demand for long-term, defensive assets – particularly in London where in some instances pricing has only softened marginally.

Whilst we expect volumes to remain subdued, we believe pricing has stabilised. This is in part because the supply of quality assets remaining limited.”

Coffer Corporate Leisure acted for the vendor, a private client. The purchaser, a private individual, was unrepresented.