Investment acquisition of Wagamama, Camden
August 12, 2015
Coffer Corporate Leisure has advised a private client on the acquisition of 9-11 Jamestown Road. The property comprises the long leasehold interest in the restaurant premises arranged over ground floor. The consideration of £4.85million reflected a Net Initial Yield of 4.35%.
The 7,700 sq ft property is subject to an occupational lease to international Japanese restaurant group Wagamama at a passing rent of £223,000 per annum.
Jack Silvani of Coffer Corporate Leisure said The footfall in Camden is simply unrivalled by any other non-central location. There is huge demand for restaurant premises in the area which is significantly enhancing Camdens rental growth prospects.
The insatiable central London investment market continues to exceed expectations. Prime yields for well-let, central London leisure investments now fall between 3.50% and 4.00%, with many changing hands at even sharper levels.
Coffer Corporate Leisure specialise in leisure occupied property investments. Over the past 12 months we have advised on over £200m of investment transactions.
Allsop LLP (Commercial Auctions) acted for the vendor, a private client.