Coffer Corporate Leisure has completed the sale of a leisure portfolio of eight high-quality freehold public house/ restaurant/ retail investment properties for c£19.5m to Kames Property Income Fund.
Coffer Corporate Leisure advised the private seller, who built the portfolio over 20 years selectively purchasing and asset managing landmark properties in affluent locations.
Portfolio highlights include a high-end restaurant in St Albans that commenced trading as The Ivy Brasserie in May 2018 following a tenant investment thought to be in the region of £750k; a public house, The White Horse, inBeaconsfield let to Brunning and Price; and table tennis themed bar, Smash/Coalition, situated in a central location in Reading. The locations of other assets included St Albans, Stratford-upon-Avon, Gerrards Cross and Reading and the tenant line-up included a number of high profile corporate operators such as JD Wetherspoon, Stonegate Pub Company, Brunning and Price, Caprice Holdings and Premium Dining Restaurants and Pubs Limited (Greene King).
Coffer Corporate Leisure managing director, Mark Sheehan, said: ”Appetite for exceptionally located properties remains very strong. It is no secret that the best properties in the best locations are resilient to turbulence in macro or micro economies. For this reason, we are observing a “rush to quality” where investors are competing for the best assets. This is contracting prime yields further and perpetuating the polarisation between prime and secondary assets. We were delighted with the depth of market interest in the portfolio, our client received numerous bids on both the portfolio and individual assets.”
Lewis and Partners represented the purchaser.