Investment purchase of Slug and Lettuce, Romford
August 29, 2018
Coffer Corporate Leisure has completed the purchase of 105/111 South Street, Romford on behalf of a private client for a consideration of £3.15 million. The entire property is subject to a long lease to Stonegate Pub Company, the largest privately-owned pub company in the UK. The purchase price of £3.15 million reflected a Net Initial Yield of 5.33%. Romford is a popular suburban town in East London with a catchment population of over 500,000. Already claiming excellent transport links, the area is expected to further benefit from the introduction of Crossrail, the Elizabeth Line, providing direct access to London's West End. Jack Silvani, Coffer Corporate Leisure, said, "Leisure, and specifically wet-led, operators have traded strongly on South Street for many years. We believe the imminent introduction of Crossrail will strengthen this performance and drive rental growth prospects." Coffer Corporate Leisure advised the Purchaser, a private client. Fawcett Mead advised the Vendor, a UK institution.