Partners follow The Royal Star to Old Street
December 18, 2013
Gresham Inns has sold the newly refurbished Royal Star near Old Street through DCL – the leisure specialists – to Ibrahim Opuz and Mehmet Coskun – the pair behind TCR Lounge Bar on Tottenham Court Road off an asking of £175,000. The sale capitalises on the venues growing reputation and is part of Greshams wider strategy to look to expand its Cork & Bottle wine bar concept in Central London – the first of which is on Leicester Square.
The Royal Star is located just 450 metres north of Old Street underground station. It is close to a wealth of technology businesses situated on and around Silicon Roundabout as well as a wide range of residential and commercial developments that are currently taking place.
The fully refurbished 2,066 sq ft pub has two trading areas on ground floor with a central bar, exposed brick work, large windows and customer toilets. There is also a substantial beer garden to rear as well as a front terrace. The upper floor – which has a separate entrance – comprises 3 double bedrooms, lounge, kitchen and bathroom.
Chris Bickle, Associate Director at Davis Coffer Lyons said: Old Street is considered to be one of the Capitals up-and-coming areas and more accessible than neighbouring Shoreditch, which is much more established. Pub and late night venues in the area are increasingly in demand and this is reflected by the extensive interest and good premium we achieved. Old Street is home to a number of other independently owned businesses including Nightjar and Michael Belbens Three Crowns.
Gresham Inns also owns the Pride of Paddington and recently acquire The Eagle on Ladbroke Grove.