Stenhart Ltd Acquires Second Pub in South West London
September 27, 2011
Davis Coffer Lyons Pubs team has completed the sale of a Free of Tie lock-up pub, The Smoke Bar and Diner, in South West London. The leasehold interest of the Smoke bar in Tooting Bec has been assigned to pub operator Sternhart Ltd, which already runs the Holy Drinker on Northcote Road, Clapham Junction.
The premises are held on the remainder of a 25 year lease from July 2002 at a passing rent of £20,000 per annum. £100,000 premium was paid for the property, which is in a densely populated residential area between Balham and Tooting, with local businesses nearby.
Paul Tallentyre, Davis Coffer Lyons, who acted for the private vendor, said, Since Smoke Bar opened in 2002, it has gathered a strong local and destination following with a large customer base and shortlisted for The Evening Standard Bar of the Year. Tooting and Balham, like nearby Clapham, remain very popular drinking destinations largely owing to the souring level of young professionals residing in the area and lend themselves well to established concepts like this one.