Sale of Marquis of Westminster Pub, Westminster
January 29, 2022
Coffer Corporate Leisure has advised a private client on the sale of 50 Warwick Way, London SW1V – a public house investment in Pimlico.
The freehold property is let on a long, index-linked lease to Stonegate Pub Company, the UK’s largest operator in the sector.
The price of £2,650,000 reflected a yield of 3.19%.
Jack Silvani, Director at Coffer Corporate Leisure who acted on behalf of the vendor said “The investment sale of 50 Warwick Way concludes a process which commenced 18 months ago. During the initial COVID-19 lockdown we advised the tenant on a lease re-gear in return for a rent concession to cover the periods of enforced closure.
The lease re-gear altered the future rent review mechanisms from open market to RPI-linked uplifts – a mutually beneficial agreement protecting the tenant from significant open market uplifts, whilst providing steady growth for the landlord.
The re-geared asset was sold off-market following a targeted sales process to a handful of potential purchasers. The price of £2,650,000 reflected a yield of 3.19% – one of the sharpest we have achieved for a London pub investment.”
The purchaser, a private individual, was unrepresented.