A set of properties housing Paul UK and Bill’s Restaurant outlets has been sold on a long leasehold basis for £6.2m.
The commercial units at 38-42 Kingsway, WC2, were sold to a private client, and reflected a net initial yield of 3.81%.
Mark Sheehan of Coffer Corporate Leisure, which advised on the deal, said: “This sale generated an unprecedented level of interest from a range of private and institutional investors. We received over a dozen very competitive offers and the process culminated in a competitive bidding scenario which resulted in a sharp yield being achieved.”
He added: “The London leisure property investment market is exceptionally hot right now. The time is opportune for long term property owners to exploit the current climate and dispose of prime assets for big prices.
“We are working with a number of London property companies who are looking to monopolise on this demand and extract value from their portfolio by carving out commercial property, particularly restaurants, on long leases and disposing of them for very low yields”
