Cote Continues its Expansion with New Premises in the West End
April 4, 2011
Davis Coffer Lyons has brokered a new deal on behalf of Algebra Property Limited for the leasehold interest of 50-51 St Martins Lane, London WC2. French brasserie Cote, backed by Richard Caring, has taken a new 20 year lease at £225,000 per annum exclusive, in addition to a substantial premium upwards of £500,000.
The deal will make this the 24th site for Cote, run by Andy Bassadone, and its 13th in the Capital. The A3 property comprises a total of 3,567 sq ft over ground floor, 1 basement and first floors, previously let to Med Kitchen.
Brandon Elmon, at Davis Coffer Lyons, commented Key venues of this nature in such a prominent West End are very highly sought after and vendors can achieve some very substantial premiums. Cote is looking to expand its estate by more than a dozen sites in 2011 and this is undoubtedly an area of London that it would like to penetrate further. Both parties should be very happy with this result.
Cote recently reported a turnover rise from £7.3m in 2009 to £17.3m in the 53 weeks to 1 August 2010. Pre-tax profit rose from £107,263 to £1,446,216.