580 Group Completes Freehold Acquisition of Keston Lodge on Upper Street
November 12, 2012
On behalf of pub company 580 Group, Davis Coffer Lyons has completed the freehold acquisition of the former Keston Lodge bar on Upper Street, Islington for £3.25million.
Following the surrender by Mitchells & Butler of its interest in the property, which was initially purchased leasehold in a joint venture by 580 Group, 580 were able to acquire the property from the private landlord.
580 Group, also behind the Owl and Pussycat pub in Shoreditch and the Fellow in Kings Cross, have now launched John Salt, a new neighbourhood bar and 25-seater restaurant at the property following the deals completion on Friday 9 November 2012.
Chef Ben Spalding, who has worked for Gordon Ramsay and Simon Rogan at his Roganic venture in London, is to join forces with 580 for a six month residency. Spalding has said that John Salt will offer serious cooking with rare ingredients, with tasting menus of 4, 8 or 12 courses on the venues mezzanine level and more straightforward food at the bar. There will also be a bar with the focus on cocktails and real ale.
Paul Tallentyre, Director of Pubs and Bars at Davis Coffer Lyons, said, This was an excellent opportunity for a flourishing Pub Co to add significant value to its portfolio in the current market. Freehold properties are a rare find in the market and 580 will be able to add substantial value to the property and company. 580 Ltd are now keen to acquire additional freehold and leasehold opportunities in London.
