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Mon 23rd Oct 2017 - Savills markets portfolio of ‘trophy’ London pub and restaurant freeholds
Savills markets portfolio of ‘trophy’ London pub and restaurant freeholds: Agent Savills has brought to market a 16-strong portfolio of licensed leisure investments in London for a guide price of £69.55m on behalf of a private client. The portfolio comprises assets in locations including the City, West End, South Bank, Chelsea, South Kensington, Notting Hill, Holland Park and Maida Vale. All are let to experienced multiple operators, including Spirit Pub Company, Mitchells & Butlers, Baker & Spice, Ei Group, Santa Cruz Co, Fuller’s, Patara and Young’s. The full list of properties is Admiral Codrington, Chelsea; Baker & Spice, Chelsea; Browns, Butler’s Wharf; Builders Arms, Chelsea; Casa Cruz, Holland Park; Dirty Martini, the City; Duke of Clarence, Chelsea; Elgin Bar & Grill, Maida Vale; Elystan Street, Chelsea; Galvin, the City; Mall Tavern, Notting Hill; Patara, South Kensington; Prince of Wales, Covent Garden; Red Lion, St James’s; Uxbridge Arms, Notting Hill; and Waterfront Brasserie, St Georges Wharf. The assets involved have a weighted average unexpired lease term of more than 16 years and currently generate a combined passing rent of £2.63m per annum. Paul Breen, director in the licensed leisure team at Savills, said: “Portfolios of this quality very rarely come to market, with trophy assets in some of London’s most exclusive locations and significant potential for rental growth. The attractive lot sizes provide excellent liquidity and will therefore appeal to a broad variety of UK-based and international buyers.”

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