London-based Mexican restaurant group Chilango has secured its tenth site at More London adjacent to London Bridge station on the former Great Wall of China Restaurant on Tooley Street.
This is the third site the group has secured since exceeding its fundraising target through Crowdcube last summer through which it raised £2.1m with its ‘burrito bond’.
The Eric Partaker led group paid a premium of £350,000 for the site 1,800sq ft unit that was negotiated by Davis Coffer Lyons at a rent of £100,000 for the remainder of the 20-year lease.
Eric Partaker, co-founder of Chilango said: “This is a truly epic location for Chilango. We’ve built Chilango to deliver world-class food, head-to-head with the UK’s top brands, in some of the most competitive trading environments. As such, our new More London location fits the bill perfectly. We look forward to putting smiles on the faces of More London’s hungry workers and visitors very soon.”
Rob Meadows, associate director at DCL said: “London Bridge is immensely popular and there was intense competition for this site. We successfully negotiated the assignment on behalf of Chilango. The real benefit is that the station will exit immediately opposite once further redevelopment work has completed. In addition, the retail landscape has now been fixed here and I don’t expect much new space to be created in the immediate vicinity. In short, this is a unique location and it took three years to negotiate the deal.”
Last summer Partaker told M&C Report the financing secured through Crowdcube investors would fund sites in Soho, Camden and the new London Bridge location and the excess would be dedicated to Chilango’s pipeline of openings in 2015.
