Barfly creates a buzz in Camden
January 3, 2014
Iconic live music venue Barfly in Camden – which has played host to some of the biggest names in music including The Killers, Coldplay, Blur, and Oasis – has been sold by Coffer Corporate Leisure & Davis Coffer Lyons, on behalf of property company, Solitaire Group. The freehold interest was purchased by a private Greek investor for £3.8m representing a 5.54% yield.
The building is currently let to Barfly Club Limited on the remainder of a 20 year lease expiring 2022 at a rent of £222,833 per annum. Barfly Club Ltd is part of live venue and artist management company the MAMA Group, which owns ten other live music venues across the UK as well as managing over 40 musical artists.
Lawrence Telford, Director of Coffer Corporate Leisure said: This is one of the Capitals most exciting live music venues and it is no surprise that there was a great deal of interest from a wide range of prospective buyers. The investment sale was completed in just ten days, attracted multiple competitive bids and achieved a significant premium to the asking price. This sale shows the strength of the central London investment market at the moment and is the latest in a string of pub investments that we have sold well over the asking price.
Paul Tallentyre, Head of Pubs at Davis Coffer Lyons said: The demand for central London pubs is extremely strong at present whether they are on an investment basis or available as trading entities with vacant possession. The investment yields or multiples of profits being paid are at all time record levels. This is partly due to limited supply pressure but mainly because a plethora of different buyer types including as pub companies, institutions, and foreign investors are chasing this asset class.
Coffer Corporate Leisure is a unique adviser specialising in both corporate transactions as well as property investment, always in the leisure sector. It has advised on over £800 million of leisure transactions in 2013 alone.