Irish investor's €2.7m London eaterie sale
A private Irish investor has sold a prime retail freehold at Cannon Street in the City of London financial district for £2.31m (€2.73m) and has netted a profit on the price paid in 2003.
Let to Leon Restaurants on a long lease, the property was bought by an overseas investor at a net initial yield of 6.6pc.
Tim MacMahon from Allen & Townsend, who acted for the vendor, commented, "It is a strong price as the unit is considerably over-rented and when analysed on an estimated rental value basis, the yield hardens significantly".
"This highlights the recovery in the UK property market particularly in central London and regional core markets. Institutional funds have returned to the market. On smaller lot sizes, local and overseas private investors have shown a keen appetite," he adds.
Allen & Townsend and Chapman Petrie have joined forces to provide their experience to Irish investors looking to dispose of UK-based assets.