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Tue 2nd Sep 2014 - Brakspear boosts managed estate with flagship pub
Brakspear boosts managed estate with flagship pub: The Henley-based brewer and pub operator Brakspear is boosting its fledgling managed estate by bringing the Chequers in Marlow, Buckinghamshire across from its tenanted and leased operation. The Chequers, a large food-led pub on Marlow High Street, is one of the flagships of the Brakspear estate, delivering a consistently strong performance. It has been run since 2010 by multiple-site lessee Tailor Made Dining (TMD), which is quitting the pub in order to reshape its business, which includes two other Brakspear sites. Brakspear is retaining the current Chequers staff team and food and drink offer, including the butcher’s table, where diners choose their steak, with the aim of keeping the change “almost invisible” to customers. Brakspear's chief executive, Tom Davies, said: “Tailor Made Dining has done a great job with the Chequers and turned it into one of our top pubs. We’re delighted to be bringing it into our managed estate. The pub has a large and loyal customer base in and around Marlow and we intend to keep it that way. Over time, we may look to incorporate dishes that have worked in our other managed pubs, particularly the Bull in Henley, which is a similar High Street, food-oriented business.” Brakspear and Tailor Made Dining reopened the Chequers in 2010 after a sizeable redevelopment. TMD director Ted Docherty said: “We have enjoyed taking the Chequers from a closed site to the thriving business it is today. It will be a good fit within Brakspear’s managed division, and the move suits TMD’s plans going forward. We will continue to work alongside Brakspear at our two other pubs, the Crown at Playhatch and the White Hart at Nettlebed.” As well as the Chequers, Brakspear’s managed division includes the Bull on Bell Street in Henley; the Porch House in Stow-on-the-Wold; and the Running Horses in Mickleham, Surrey. All four sites are overseen by operations manager Mat Aket.
 
London and Strategic Estates acquires Wahaca freehold: Coffer Corporate Leisure has acquired the freehold of 68-69 Upper Street, Islington, North London on behalf of London and Strategic Estates, a wholly owned subsidiary of Sapcote Group, which includes a Wahaca Mexican restaurant occupying the ground and basement levels with residential apartments above. The asset was acquired for £3.75m, a net initial yield in excess of 5%. James Millar of Sapcote Group said: “This is another exciting addition to our ever expanding leisure and retail portfolio.” Jack Silvani of Coffer Corporate Leisure said: “The Central London investment market is very hot right now, particularly for leisure occupied property. Investors are attracted to the long leases and significant rental growth prospects. Upper Street is one of London’s prime leisure pitches. There is strong occupier demand for the location, which we believe offers excellent long-term growth potential. In H1 2014 we observed very sharp net initial yields of sub-4% being paid on Upper Street, including the O’Neills, which sold for 3.93%, and the Slug and Lettuce, which sold for 3.73%. The market for leisure assets is exceptionally buoyant right now, it is a great time for long-term property owners to strike while the iron is hot and dispose of assets for big prices.” Alex Neil of Allsop acted for the vendor, a private client.


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