Coffer Corporate Leisure has advised a private client on the purchase of The Refectory, Old Portsmouth Road, Godalming GU8.

The property comprises a highly successful pub/restaurant, office and residential investment, let in its entirety to Punch Taverns. Punch Taverns is one of the largest pub companies in the UK. The pub/restaurant is operated by Brunning and Price – a premium gastropub operator wholly owned by The Restaurant Group Plc.

The price of £3,400,000 reflected a Net Initial Yield of 6.1%.

Jack Silvani, Director of Coffer Corporate Leisure said “This purchase is the latest in a flurry of activity in 2021 in which we have transacted over £130m of leisure property. This activity has spanned almost all subsectors of leisure – restaurants, public houses, health clubs and hotels. Investment volumes remain below that of previous years, largely driven by lack of stock. There is healthy demand for assets with good fundamentals and strong underlying value.”

Savills acted on behalf of the vendor, Aegon Asset Management. Coffer Corporate Leisure acted on behalf of the purchaser, a private client.