Islington’s Compass Pub Sold to Elk In The Woods
May 17, 2012
Davis Coffer Lyons Pubs & Bars Team has completed the leasehold assignment of The Compass in Islington to Bar Chocolate Ltd, headed up by Astrid Skelly and Katy Rumm, operators of the successful Elk In The Woods restaurant on Camden Passage, Islington.
DCL invited offers in excess of £200,000 for the lease, of behalf of the private owners Big Nose Promotions Ltd, owners of The Green dining pub in Clerkenwell. The Compass is held on the remainder of a Free of Tie 20 year lease from April 2009 at a passing rent of £50,000 per annum exclusive.
The purchasers have begun a refurbishment which will see installation of bespoke furniture , hand painted art on the walls and new interior design. The new venue which is planned to open in early June and will be named Hundred Crows Rising. The style of the offering will be based around a classic British food menu with specialist ales provided by the Old Dairy microbrewey in Kent. The owners plan to open for breakfast through to dinner.
The Compass comprises approximately 3,400 sq ft and possesses a 4am alcohol, music and dance licence six days a week, close to Upper Street and Angel underground. The area has a diverse array of retailers, food and beverage operators and offices with residential pockets surrounding.
Chris Bickle, Associate at Davis Coffer Lyons said: We conducted an off market disposal campaign for our clients which generated serious interest from a number of experienced operators. Astrid and Katy have operated in Islington for over 9 years and have an excellent knowledge of the local demographic and clearly saw a huge amount of potential in The Compass, given their success at The Elk in The Woods nearby. As we have reported before, there is an exceptional demand for good quality free of tie sites, particularly within Londons zones 1-3 and we are keen to assist new clients if interested to sell.
