Investment sale of O’Neills, Wimbledon
May 6, 2016
Specialist leisure investment advisers Coffer Corporate Leisure has completed the sale of the freehold interest in 66 The Broadway, Wimbledon on behalf of a private client. The confidential purchaser, represented by Cushman & Wakefield, paid a consideration of £1.915million, reflecting a net initial yield of 3.49%. The property was sold subject to an occupational lease to Mitchells & Butlers Retail Limited.
Jack Silvani, Associate Director, Coffer Corporate Leisure, said “This property generated an astounding level of interest which culminated in competitive bids from 17 different parties. The market for well-let, income generating assets in popular London locations is as strong as ever and we expect this to continue for assets with strong underlying fundamentals.”
The 3,990 sq ft property is subject to an occupational lease to Mitchells & Butlers, operating as the O’Neills brand, at a passing rent of £71,000 per annum. Mitchells & Butlers plc is the largest operator of managed restaurants and pubs in the UK. Its 1,700 restaurants and pubs have some of the highest average sales and profits per site in the industry. Its portfolio of brands includes household names such as All Bar One, Browns, O’Neills, Toby Carvery, Harvester and Nicholsons Pubs
Coffer Corporate Leisure advised the Vendor. Cushman & Wakefield advised the Purchaser.