Coffer Corporate Leisure completes Islington Acquisition
Coffer Corporate Leisure has advised an overseas client on the acquisition of 153 Upper Street, London N1 – a long-let public house investment.
The property is let to EI Group (formerly Enterprise Inns) on a 35 year lease from 2010, providing an unexpired term of 27 years. The purchase price of £2,100,000 reflected a Net Initial Yield of 3.69%.
Jack Silvani, Director at Coffer Corporate Leisure said “Appetite for assets providing long-dated, secure income remains robust. This is particularly prevalent in the prime/sub-prime markets where we continue to observe a supply/demand imbalance and, consequently, further contraction of investment yields. The pub investment market has been one of the greatest benefactors of this trend with prime assets often transacting at the 3% level, or even sharper.”
AG&G acted for the Vendor, a private investor. Coffer Corporate Leisure acted for the Purchaser, a private investor.