Investment sale of Park Chinois, 17 Berkeley Street, Mayfair
August 15, 2018
Leisure investment specialists, Coffer Corporate Leisure has advised on the sale of the freehold investment of 17 Berkeley Street and 33 Dover Street, two inter-connecting properties on two of Mayfair's most prestigious streets, in the sought-after luxury restaurant and retail pitch.
The property was acquired by an overseas investor for a reported price of c.£42 million.
It is let to Park Chinois, the opulent Chinese restaurant created by Alan Yau - the world-renowned restaurateur who is well known for creating some of the most highly regarded restaurant concepts including Wagamama, as well as Michelin starred restaurants Hakkasan and Yauatcha.
Park Chinois opened in 2015 and comprises a high-end, luxury Chinese restaurant, bar and club. The opulent fit-out designed by Jacques Garcia, lends itself as the perfect setting for the 'Dinner and Dancing' concept. A progressive Chinese menu paired with an extensive wine list and cocktail menu, accompanied by live music performers daily brings charm and elegance to the venue.
Coffer Corporate Leisure acted jointly on behalf of a private client, together with Phillips Lockhart.
London continues to retain its reputation as the pinnacle for leisure and retail globally, attracting the finest operators from all over the world. The West End and, in particular, Mayfair, remains at the forefront of this demand from the most exclusive operators seeking a presence in the capital.
Driven by insatiable appetite for quality restaurants from the highly-affluent footfall the area commands, Mayfair has firmly established itself as the top target for leading luxury restaurants. Over the past five years operator demand for the area has increased exponentially, resulting in average rents in the district more than doubling.
Mark Sheehan, managing director of Coffer Corporate Leisure, commented, "This sale is one of the largest single restaurant investments sold anywhere in the world. Investor demand for investments is very strong. Overseas investors are particularly interested in trophy operations such as this in world renowned locations."