The Proud cabaret bar on London’s Embankment, WC2, has hit the market.
Hanover Green and Knight Frank have been instructed to sell the long leasehold interest in 8 Victoria Embankment on behalf of Castlebrooke for offers around £14m. The asking price reflects a net initial yield of 6.36% and a capital value of £725 per sq ft.
The entertainment venue and bar comprises a 19,289 sq ft live events arena with an amphitheatre-style layout around a stage, plus bar and restaurant space across ground, mezzanine and first floors.
The property is held on a long leasehold from the City of Westminster for a term of 150 years, with 134 years unexpired, at a peppercorn rent.
It is single-let to Proud West End for a further 19.5 years and has a current rent of £949,996 per annum, reflecting £49.25 per sq ft overall. The next rent review is in March 2028.
The lease benefits from rare five-yearly upward-only rent reviews based on annual compounded CPI uplifts, subject to a 4% cap and 1% collar, and comes with a 5am late-night alcohol licence.
Castlebrooke paid £8m for the long leasehold of the cabaret, circus and burlesque venue, which has an entrance directly under Waterloo Bridge, in August 2021.
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