Purchase of 10 Irving Street, Leicester Square
January 15, 2022
Coffer Corporate Leisure has advised a private client on the purchase of 10 Irving Street / 7-9 Charing Cross Road – a trophy freehold restaurant and residential investment.
The striking property is prominently located on the corner of Charing Cross Road and Irving Street – one of the busy pedestrianised streets and gateways to Leicester Square. The building, comprising 3,955 sq ft, hosts a Bella Italia restaurant with four residential apartments above.
The price of £7,000,000 reflected a Net Initial Yield of 3.37%.
Jack Silvani, Director at Coffer Corporate Leisure who acted on behalf of the purchaser said “It was reported last week that footfall in London’s West End has made an impressive recovery towards pre-Covid levels (reaching 100% of 2019 footfall on weekends and 80% on weekdays). This is despite the UK still experiencing subdued overseas tourist visits – with 2021 expected to be less than 20% of 2019. This is a strong show of support for London’s entertainment district, of which Leicester Square is an integral part.
“The West End will always be a desirable location to invest in commercial property. It is not overly reliant on office catchments and is less exposed to changes in workplace dynamics. The leisure sector has been particularly robust – strong occupier demand has kept rents in many sub-markets at pre-pandemic levels.
“We believe the main inhibitor of investment activity remains shortage of stock.”
Savills acted on behalf of the vendor, a private client. Coffer Corporate Leisure acted on behalf of the purchaser, a private overseas investor.