Richard Caring has sold the building housing his iconic restaurant the Ivy to Standard Life for £40m – a net initial yield of circa 3.5%.
The restaurant at 5 West Street, WC2, is operated by Caring’s Caprice Holdings, the company through which he runs a number of famous London restaurants, including Scott’s and Sexy Fish.
As well as being home to The Ivy, the building also contains the Club at the Ivy, an exclusive members club which was opened in 2008.
Caring has owned the building since 2005.
CBRE advised Standard Life; Coffer Corporate Leisure represented Richard Caring.
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