The Bird of Smithfield Takes Flight in Farringdon
September 26, 2012
Leisure property advisors Davis Coffer Lyons has completed the sale of 26 Smithfield, bar and restaurant in Farringdon on the edge of the historic Smithfield Market, to a new company venturing out with their first privately owned business.
The venue is due to be renamed Bird of Smithfield and re-launched in early 2013 after substantial investment and refurbishment of the three trading floors and terrace.
The three storey mid-terrace property has been acquired by Sian Austin and Georgia Muir off an asking price of £185,000, with the backing of an experienced property investor. The premises are held on the remainder of a 25 year Punch Taverns lease from August 2002 at a passing rent of £44,000 per annum exclusive.
Chris Bickle, Associate Director, Davis Coffer Lyons, said, The business plan and vision which Bird at Smithfield has presented compliments the area and venue perfectly. This should be a very exciting addition to the Smithfield Market area which already hosts some of London most renowned bars and restaurants, and is sure to prosper further as we see further development of Farringdon into a new business district for the capital.
The purchasers plan to introduce a comprehensive breakfast, lunch and dinner menu as well as developing the existing private and corporate function business. Over the next 12-15 months the plan is to extend the trading space to five levels, including the roof terrace.
The new operators bring a great deal of experience to the project; Sian has previous hospitality business having owned and run a Chateau in the South West of France for a number of years www.lartigolle.com and working operationally for Tom Conran for the last three years. Georgia has an operational background running venues such as the Tabernacle in Notting Hill and working within the ETM Group.
Investor interest in the area surrounding Farringdon Road has soared as a result of a Crossrail station for Farringdon opening in 2018. West End of London Property Unit Trust (WELPUT) has also recently acquired the Farringdon Estate on 143-157 Farringdon Road for £25.9m, and there will soon be a new buyer for the former head office of the Guardian newspaper at 119 Farringdon Road to be redeveloped into a 210,000 sq ft scheme.
DCL acted on behalf of 26 Bar Limited.