CBRE Global Investors has bought Comptons, one of Soho’s most iconic and successful pubs on Old Compton Street, W1.
The fund manager has bought the property for what is thought to be close to £10m. Faucet Inns, the pub operator, will continue to run the pub on a new 25-year lease.
Comptons comprises 4,800 sq ft. As part of the transaction, Faucet will develop the two upper floors of the building, renovating the second floor and restoring the third floor which was damaged in the war. Once completed, the works will add 1,200 sq ft of new space and create three luxury flats.
Faucet operates 19 other establishments across London and four in the south east of England including The Warrington in Maida Vale, Sir Richard Steele in Belsize Park and The Old Shades on Whitehall.
Mark Sheehan, managing director of Coffer Corporate Leisure, which acted on behalf of the vendor, Kicking Horse, and Faucet, said: “Comptons is an iconic venue in the very heart of Soho. It enjoys extremely strong trading, which, coupled with its location on one of the Capital’s busiest thoroughfares and Faucet Inn’s covenant – makes it a sound investment.
“This effective sale and leaseback deal highlights the strength of the leisure sector for both institutional and private investors.”
Laura Wilson-Brown, director of CBRE GI, said: “There are numerous factors that make this an excellent acquisition for our portfolio. The prime location with high footfall in central London and strong rental growth prospects. This core asset will also provide a long-term inflation hedge which meets the investment requirements of our client.”
IMPRO acted for CBRE GI.
Annabel.Dixon@estatesgazette.com
