Soho’s iconic Bar Italia café looks set to go under the hammer next month, with a guide price of £2.5m-plus.
The property on Frith Street, W1, is listed in Allsop’s May commercial auction catalogue. It comes almost a year after it was listed with a guide of £2m-plus, but then withdrawn prior to auction.
Its latest £2.5m-plus guide reflects a 7% gross initial yield. It is let at £175,000 per annum and benefits from a favourable trading licence.
The café is one of 22 lots priced in excess of £1m in the May sale, which features 98 lots in total.
They include an office investment in London EC1 and a Marks & Spencer in Burton upon Trent, let at £549,000 pa.
London lots include a portfolio of 13 shops and residential properties in north London, which is being split, of which nine are in one parade.
Altogether, there are 22 lots in London being offered, with guides totalling £21m.
Regional highlights include 10 convenience stores/supermarkets, with tenants including Tesco, Asda, Co-Op, Farmfoods, Iceland, and One-Stop, with guide prices from £350,000
Allsop partner and auctioneer George Walker said: “The last 12 months saw reasonable volumes in our market where trading was down by just 10% year-on-year. The reduction was largely due to the absence of the substantial portfolios that we sold last year.
“While the market has become fixated on a drop in rates, buyers are getting used to this new normal and happily investing their cash in real estate.
“If a rate reduction does come before the summer, we are not expecting a massive shift in buyer sentiment, but a continuation of satisfying their demand for sensibly priced stock.”
Photo © Allsop
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