Sale of Pizza Express, Islington
May 4, 2022
Coffer Corporate Leisure has advised a private client on the sale of 335 Upper Street, Islington – a prime freehold restaurant investment in the heart of Islington.
The property is let to Pizza Express who opened one of their first sites in London in the unit and have since been in occupation for over 30 years.
The price of £4,050,000 reflected a net initial yield of 3.73%.
Jack Silvani, Director at Coffer Corporate Leisure who acted on behalf of the Vendor said “In the past few months we have observed a rapid recovery in the restaurant investment market as investor confidence returned following encouraging and consistent sales performance from operators.
The Coffer CGA Business Tracker has reported positive like-for-likes (LFLs) since August 2021 (in comparison to 2019 – pre-Covid) for every month except December 2021. Q1 of 2022 has been particularly strong with LFLs for January-March 4%, 9% and 6% ahead of their relative 2019 figures respectively.
Many restaurant chains are now returning to the expansion trial and the best sites remain in high demand. We expect plenty of transactional activity throughout 2022, particularly at the premium end where we anticipate further yield compression.
Coffer Corporate Leisure advised the vendor, a private client. The purchaser was unrepresented.