New Luxury Bar and Restaurant for London’s Trocadero
February 18, 2011
Davis Coffer Lyons has granted a new lease for the former Rex Club within Londons iconic Trocadero building to independent overseas operator KPIP UK Ltd, on behalf of the landlord Criterion Capital. KPIP will open a new high-end bar/restaurant concept in this prime location within one of Londons largest entertainment venues and tourist attractions.
Asif Aziz of Criterion Capital sought rental offers in the region of £750,000 per annum exclusive for the 11,000 sq ft, 3am licensed venue in Londons Leicester Square, W1. A new lease has been granted to the overseas tenant, who had been searching for a London flagship opportunity.
Together with the DCLs recent lease assignment at the former Rififi club last month to Giuseppe Cipriani and Livio Bisterzo for another high-end venture, the deal at the Trocadero is further testament that there is significant demand at the top end of the leisure market, particularly for late night venues in prime central London locations.
Jonathan Moradoff of Davis Coffer Lyons, advisor to Criterion Capital, said: This is an extraordinary opportunity for an experienced club operator. Such large sites as this are very hard to come by and we are very pleased with the rental level achieved on this unique opportunity.
This new venture, together with other new schemes coming through in the vicinity will give it a new life to the Trocadero, and make it once again become a world class leisure destination. Although in the heart of Londons club land with hundreds of thousands of people passing by every day, the area has been crying out for a new, more sophisticated premier leisure destination and this will provide it with a venue to rival other successful late-night operations in Mayfair.