Prime Kensington mixed-use restaurant investment sold
April 14, 2015
The former public house is situated a short distance from High Street Kensington and houses long-standing and popular independent restaurant 'The Abingdon' at ground floor and basement levels. The sale, on behalf of the private individual, involved the disposal of the freehold interest subject to a new 25 year lease on the restaurant from completion with index-linked growth throughout the term. The upper parts contain two luxury three-bedroom apartments, both of which were sold with the benefit of vacant possession. The property was purchased by private Spanish investors for £5.6m. A purchase at this price, assuming a market rent on the residential element, reflects a net initial yield of circa 3.50%. Mark Sheehan, Managing Director at Coffer Corporate Leisure said "This property lies in an excellent location. We were inundated with interest from a range of investors from an eclectic mix of high net worth individuals - both overseas and the UK - to property companies and institutional funds. The market for assets of this type is the most buoyant I have ever seen it. It's a great time for long term property holders to consider taking advantage of this strong market. Coffer Corporate Leisure acted for the Vendor. Bilfinger GVA acted for the private purchaser.