DCL Assigns Elephant on the Hill to New Operator and Now Seeks Freehold Investment
November 22, 2011
Davis Coffer Lyons Pubs Team has completed the leasehold sale of The Elephant on the Hill pub on Lavender Hill close to Clapham Junction, South West London to Comofco Consultants Ltd, a new operator led by Philip and George Yeats.
The leasehold interest was acquired from operators Moon Shine Ltd for a premium £100,000 and a passing rent of £52,000.
The property is held on the remainder of a 25 year lease from September 2009, comprising ground floor and basement property with the first and second floors having been converted in residential accommodation and sold.
The vendor has now instructed Davis Coffer Lyons to sell the freehold investment of the property at an asking price of £700,000, reflecting a net initial yield of 7.02 per cent.
Moon Shine Ltd will continue to operate the pubs sister sit, Loose Box on Horseferry Road, near Victoria, and are now looking for other properties.
Paul Tallentyre, Director of Pubs at Davis Coffer Lyons, said: Lavender Hill is an extremely popular mixed residential and commercial area with many bars and restaurants. There have been many recent developments and regeneration projects in the area, including Tesco and other multiple operators which mean it is leading the charge for competitive rents in South West London.