New leisure concepts have been developed in the wake of the large deals that were done early in 2001. David Quinn reports
The larger deals that took place early in 2001 have caused activity in the market as parts of some of the largest estates of pubs and bars have been put up for sale.
The acquisition by Nomura of almost 1,000 former Bass outlets in February has led to the buyer looking to dispose of 102 pubs with the remaining Nomura estate being renamed the Voyager Pub Co. The sale of Whitbread’s 3,000 pubs and bars to Morgan Grenfell in the same month has meant that the Dome chain of 14 bar/restaurants has been put up for sale.
“The fall-out from these deals has dominated the market,” says Colin Wellstead, national pubs director of Christie & Co. “I think this pattern will carry on for a considerable time.”
Jeremy Simmons of Berkeley Simmons Davis believes a cause is the surplus of assets that some companies now have. “The pressure from shareholders is to show growth, and the large groups are selling, as they’ve overexpanded,” he says.
One stalled sale is Wolverhampton & Dudley Breweries’ 290 pubs. A majority of its shareholders last month turned down a hostile £485m takeover bid by Pubmaster. W&D is thought to want to offload its assets, which include the Pitcher and Piano chain, to maximise return for shareholders.
In restaurants, what Trevor Shelley of Shelley Sandzer calls the “stagnation” of some of the larger groups, means that people who have worked in multiple branded restaurants are leaving to set up smaller, independent outlets.
“After a long gap, we have begun to see new concepts springing up over the past six months,” says Shelley. “This really is the name of the game at the moment.”
Alan Yau’s upmarket Hakkasan, launched in February, and Otto’s in Maida Vale, London, W9, are seen as important in what Shelley calls the “new independents movement”.
|
UK pub and restaurant deals |
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Enterprise Inns purchased a number of pubs in the South West |
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|
Address |
Tenant/purchaser (agent) |
Landlord/vendor (agent) |
Unit size in m2 or hectares |
Price paid /Rent pa in £ (premium) |
Length of lease or tenure in years** |
|
Blighs, Sevenoaks, Kent |
Giardino Restaurants (Richard Watson) |
Six Continents (Chesterton) |
n/a |
900,000 |
F |
|
The Fant Arms, Maidstone, Kent |
Enterprise Inns |
Private (Chesterton) |
n/a |
228,000 |
F |
|
Cornhill Sports Ground, Kent |
GDST |
Bridgedale Properties (Chesterton) |
3ha |
425,000 |
F |
|
A3 Unit Store St, WC1 |
Busaba Eathai |
Corporation of London (Chesterton) |
305 |
85,000 pa |
15 (5-year review) |
|
The Miners Arms, Eyam, Derbyshire |
New Century Inns |
Private (Chesterton) |
n/a |
475,000 |
F |
|
Florentyn’s, Lovat Lane, EC3 |
Private |
Private(Chesterton) |
n/a |
77,500 pa (180,000) |
L |
|
Kent Cricketer, Cranbrook, Kent |
Punch |
Private (Chesterton) |
n/a |
310,000 |
F |
|
40 Corn St, Bristol |
Crown Dilmun |
Barclays Bank (Chesterton) |
1,597 |
1.5m |
F |
|
White Swan Hotel, Middleham |
Paul Klein |
Private (Robert Barry) |
n/a |
365,000* |
F |
|
Fossebridge Inn, Gloucestershire |
Private |
Private (Robert Barry) |
n/a |
525,000* |
F |
|
Galley of Lorne, Ardfern, Argyll |
Private |
Private (Robert Barry) |
n/a |
495,000* |
F |
|
27 Bridge St, Cambridge |
Magdalen College (Catlings) |
Chez Gerard (Januarys) |
278 |
67, 500 pa |
20 |
|
33/35 Green St, Cambridge |
Britannia/Frame (Chesterton/ Morgan Williams) |
Cafe Parisa (Januarys) |
566 |
130,000 pa (plus premium) |
25 |
|
3-6 and 7/8 Downing St, Cambridge |
University of Cambridge (Carter Jonas/JLL) |
Scottish & Newcastle (Januarys) |
650 |
156,250 pa |
25 |
|
The Stumbles Inn, Twon St, Shepton Mallet |
Private |
Mr D Foley (Chesterton) |
n/a |
200,000 |
F |
|
Brean Down Cove, Burnham on Sea, Somerset |
The National Trust |
Private (Chesterton) |
n/a |
350,000 |
F |
|
King William, London Rd, Bath |
Enterprise Inns (Chesterton) |
Mr Mike Penberthy |
n/a |
350,000 |
F |
|
The Ship Inn, Upper Framilode, Gloucs |
Enterprise Inns (Chesterton) |
Private |
n/a |
395,000 |
F |
|
Galleries Inn, Cheddar, Somerset |
Enterprise Inns |
Private (Chesterton) |
n/a |
295,000 |
F |
|
Cambells Landing, Clevedon, North Somerset |
Enterprise Inns |
Alsten (Chesterton) |
n/a |
350,000 |
F |
|
Tidenham House & Dayhouse Quarry, Gloucs |
First Commercial Direct |
TS Thomas & Sons (Chesterton) |
n/a |
500,000 |
F |
|
The Retreat Spa & Fitness Centre, South Staffordshire |
Private |
The Retreat at The Old Hall (Chesterton) |
n/a |
700,000* |
F |
|
Barge & Barrell, Tamworth |
Punch |
Private (Chesterton) |
n/a |
295,000 |
F |
|
The Angel, Sparkhill, West Midlands |
Enterprise Inns |
Private (Chesterton) |
n/a |
275,000* |
F |
|
Brompton Bay Restaurant, Draycott Avenue, Chelsea, SW3 |
Harbour Lane Ltd |
Borzoo Shirazi (Edward Symmons) |
400 |
105,000 pa (450,000) |
25 |
|
65a Long Acre, Covent Garden |
Le Cafe du Jardin |
Magno’s Brasserie (Edward Symmons) |
n/a |
75,000 pa (285,000) |
25 |
|
Wellesley Rd, Croydon |
Regent Inns |
Pals Leisure Group |
800/1,065 |
3.5m |
F |
|
1-7 Old Cattle Market, Ipswich |
(Edward Symmons Hotel and Leisure) |
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|
Bat & Ball Public House, 141 London Rd, Southborough, Kent |
London Inn Group |
Carter Clark Appointed Trustees (Edward Symmons & Partners) |
160 |
145,000 |
F |
|
Spikey Hedgehog, Falcon Rd, Battersea, SW11 |
n/a (Christie & Co) |
Unique (AG&G) |
418 |
452,000 |
F |
|
Feelgoods, Turnpike Lane, Hornsey, N8 |
Greene King (AG&G) |
316 |
720,000 |
F |
|
|
Water Rat, Kings Rd, Chelsea, SW10 |
Strucadene |
Inntrepreneur (AG&G/Knight Frank) |
356 |
1m |
F |
|
Phene, Phene St, Chelsea, SW3 |
Private |
Inntrepreneur (AG&G/Knight Frank) |
349 |
2m+ |
F |
|
Cocked Hat, Coalville, Leics |
Rosewood (Colliers CRE) |
Greene King (AG&G) |
n/a |
225,000 |
F |
|
Fiddlers, 4 Sites in Barnet, Hackney, Holloway and Hornsey (Wishing Well Group) |
Unique |
Fiddlers (AG&G) |
n/a |
550,000 |
Four tied leases |
|
Wheatsheaf, Stanwell Middlesex |
Private |
Derek Flynn (AG&G) |
n/a |
150,000 |
L |
|
Beaufoy Arms, Battersea, SW11 |
Rosscourt (AG&G) |
Inntrepreneur |
122 |
394,000 |
F |
|
15 Victoria St, St Albans |
Whitbread (Drake) |
Private (Shelley Sandzer) |
1,313 |
75,000-115,000 pa |
25 |
|
41/42 Sheep St, Stratford Upon Avon |
JD Wetherspoon (Van de Berg) |
Private (Shelley Sandzer) |
465 |
75,000-100,000 pa |
35 |
|
77 High St, Uckfield, West Sussex |
Pizza Express |
Philpam Properties (Shelley Sandzer) |
342 |
350,000 |
F |
|
Unit 3, Former ABC Cinema, Brighton |
Santa Fe (Shelley Sandzer) |
Falcon Land (Anthony Green & Spencer) |
567 |
129,000 pa |
25 |
|
36 Southwick St, W2 |
Cubana Cafe |
MS Properties (Shelley Sandzer) |
372 |
65,000 pa |
25 |
|
Hermitage Site, Wapping, E1 |
Mezzanine Group |
Berkeley Homes (City & East London) (Shelley Sandzer) |
553 |
1.05m |
F |
|
Ledger Building, West India Quay, E14 |
JD Wetherspoon (Van de Berg) |
West India Quay Development Company (Shelley Sandzer) |
1,043 |
185,000 pa |
25 |
|
St Clare House, 30/33 Minories, EC3 |
Scottish & Newcastle |
Hemingway Properties (Shelley Sandzer) |
804 |
190,000 pa |
25 |
|
Myddleton Hall, Almeida St, N1 |
Conran Restaurants (Shelley Sandzer) |
Cathedral Group (Currell) |
604 |
145,000 pa |
25 |
|
1 Plough Place, EC4 |
Groupe Chez Gerard (Shelley Sandzer/ Knight Frank) |
Helical Bar & Henderson Investors (Weatherall Green & Smith/Morgan Pepper) |
695 |
130,000 pa |
25 |
|
Waxhouse Gate, Heritage Close, St Albans |
Fish! |
Marchday Group (Shelley Sandzer) |
313 |
67,500 pa |
25 |
|
02 Centre, Finchley Rd, NW3 |
Starbucks (JLL) |
02 [General Partners] (Shelley Sandzer/ Healey & Baker) |
86 |
55,000 pa |
25 |
|
110/114 Wigmore St, W1 |
ASK Central |
Morgan Sindall (Shelley Sandzer) |
312 |
125,000 pa |
15 |
|
Triangle, Manchester |
Soup Dragon |
Frogmore Investments (Shelley Sandzer) |
42 |
25,000 pa |
10 |
|
60 Sloane Avenue, SW3 |
KXDNA (Simon Barnes Property Consultants) |
Helical Bar (Shelley Sandzer) |
1,361 |
580,000 pa |
20 |
|
74/77 Chalk Farm Rd, NW1 |
Loch Fyne Restaurants |
Sellar Properties (Shelley Sandzer) |
321 |
100,000 pa |
25 |
|
2 & 3 West Smithfield, EC1 |
Living Ventures |
Helmwall Properties(Shelley Sandzer/ Weatherall Green & Smith) |
557 |
135,000 pa |
25 |
|
12 West Smithfield, EC1 |
Carluccio’s |
Helmwall Properties (Shelley Sandzer/ Weatherall Green & Smith) |
465 |
120,000 pa |
25 |
|
Sun Court House, Essex Rd, N1 |
Living Ventures |
Derwent Valley Property Trading (Shelley Sandzer) |
706 |
175,000 pa |
25 |
|
Pelican Public House, All Saints Rd, W11 |
SinghBoulton |
Holmgold (Shelley Sandzer) |
260 |
77,500 pa |
24 |
|
21 Essex Rd, Islington, N1 |
La Tasca |
Frogmore Investments (Shelley Sandzer) |
314 |
106,000 pa |
25 |
|
66 Haymarket, SW1 |
Miso |
Crown (Davis Coffer Lyons) |
232 |
85,000 pa |
25 |
|
ASK, 196 Brighton Rd, Coulsdon |
Kabada |
ASK (Davis Coffer Lyons) |
134 |
30,000 pa (95,000) |
10 remaining |
|
Lindy’s, Argyll St, W1 |
Costa |
n/a (Davis Coffer Lyons) |
220 |
76,500 pa (225,000) |
8 remaining |
|
Lindy’s, Brent Cross |
Costa |
n/a (Davis Coffer Lyons) |
258 |
n/a |
n/a |
|
Massarellas, The Trafford Centre, Manchester |
La Tasca |
Masserellas (Davis Coffer Lyons) |
651 |
n/a |
n/a |
|
135 Wardour St, W1 |
Ophim (Artus and Truelove) |
Greycoat (Davis Coffer Lyons) |
836 |
n/a |
20 (5-year reviews) |
|
Duemilla, 27-29 Endell St, Covent Garden, WC2 |
n/a (Simon Stone) |
Private (Davis Coffer Lyons) |
557 |
125,000 pa (600,000) |
16 remaining |
|
18 Buckingham Palace Rd, Victoria, SW1 |
Tuckermans |
Grosvenor (Davis Coffer Lyons) |
170 |
40,000 pa |
25 |
|
Blue Buddha, 531 Kings Rd, Chelsea, SW10 |
Private |
Private (Davis Coffer Lyons) |
93 |
37,500 pa (65, 000) |
17 remaining |
|
Shenton Court, Kennedy St, Manchester |
Lime |
Eldridge Pope (Davis Coffer Lyons) |
650 |
140,000 pa stepped |
33 |
|
2/3 Creed Lane, EC4 |
Faucet Inns |
Private (Davis Coffer Lyons) |
329 |
55,000 pa (275,000) |
20 |
|
Hilaire, 68 Old Brompton Rd, SW7 |
Al Bustan Restaurants |
Private (Davis Coffer Lyons) |
140 |
40,000 pa (185,000) |
7 remaining |
|
Chocolate Bar, Berkeley Sq, W1 |
Chorion |
Punch Retail (Davis Coffer Lyons) |
347 |
155,000 |
13 remaining |
|
Piazza Restaurant, Old Broad St, EC2 |
Fish! (Davis Coffer Lyons) |
Consortium (Pickthorne & Co) |
300 |
115,000 pa |
25 (5-year reviews) |
|
Camden Lock, NW1 |
JD Wetherspoon |
London Buildings (Davis Coffer Lyons) |
802 |
310,000 pa |
25 |
|
Former Electric Cinema, Portebello Rd, W2 |
Soho House |
Private (Davis Coffer Lyons) |
557 |
150,000 pa plus turnover |
25 (5-year reviews) |
|
Home, 1 Leicester Sq, WC2 |
Mean Fiddler |
KPMG (Davis Coffer Lyons) |
3,250 |
18.5m (Part of group Big Beat deal) |
23 remaining |
|
Angelos, 184 Uxbridge Rd, W3 |
Salena Jones Jazz Club |
Private (Davis Coffer Lyons) |
288 |
35,000 (85,000) |
18 remaining |
|
Legends, Old Burlington St, W1 |
Private |
Perthshire Leisure (Davis Coffer Lyons) |
539 |
n/a |
n/a |
|
City Brasserie, Mark Lane, EC4 |
Giardino Group (Davis Coffer Lyons) |
Whitbread (Christie & Co) |
Assorted |
127,500 pa, 74,000 pa, 64,000 pa (400,000 combined) |
Residue of existing leases |
|
Unit 12, Bentall Centre, Kingston, Surrey |
Giardino (Davis Coffer Lyons) |
Norwich Union (JLL) |
n/a |
65,000 pa |
15 |
|
Units 14/15 Buttermarket Shopping Centre, Ipswich |
Giardino (Davis Coffer Lyons) |
Legal & General (Dalgleish) |
n/a |
55,000 pa |
15 |
|
Units 411-414, Lakeside, Essex |
Giardino (Davis Coffer Lyons) |
Capital Shopping Centres(Lunson Mitchenal) |
n/a |
80,000 pa |
15 |
|
Unit S14, Martineau Pl, Birmingham |
Giardino (Davis Coffer Lyons) |
n/a (Healey & Baker) |
n/a |
95,000 pa |
25 |
|
Units SU48 & SU49 Capitol Centre, Cardiff |
Giardino (Davis Coffer Lyons) |
Scottish Widows (DTZ) |
n/a |
58,000 pa |
15 |
|
19/20 Bow St Covent Gdn, WC2 |
ASK (Davis Coffer Lyons) |
Private (EA Shaw) |
360 |
165,000 pa |
25 (5-yr reviews) |
|
102 Baker St, W1 |
Intercourse Restaurants (Davis Coffer Lyons) |
Aberdeen Restaurants (Dalgleish) |
140 |
55,000 pa |
20 (5-yr reviews) |
|
K Bar Basement 329 Fulham Rd, SW3 |
Po Na Na |
n/a (Davis Coffer Lyons) |
150 |
40,000 pa (255,000) |
17 remaining |
|
Babe Ruths, O2 Centre, Finchley Rd, NW3 |
Wetherspoon |
Seabourne (Davis Coffer Lyons) |
1200 |
223,000 pa average |
23 remaining |
|
Soupworks, 9 Darblay St, W1 |
BV Group (Davis Coffer Lyons) |
Benedict McKenzie |
100 |
40,000 pa (265,000 combined) |
n/a |
|
Soupworks, 29 Monmouth St, WC2 |
BV Group |
Benedict McKenzie (Davis Coffer Lyons) |
100 |
44,000 pa |
n/a |
|
Freshworks, Croydon Ind Est, Croydon Airport, Croydon, Surrey |
BV Group |
Benedict McKenzie (Davis Coffer Lyons) |
1200 |
69,000 pa |
n/a |
|
Unit 1, Nash Court, Canary Wharf, E14 |
Mezzanine |
n/a (Markham Vaughn Gillingham) |
486 |
170,000 pa plus turnover |
25 |
|
Wheelers, 125/126 Chancery Lane, WC2 |
Gaucho Grill (BSD) |
Wheelers (Christie & Co) |
500 |
159,600 pa (plus premium) |
15 |
|
16/18 & 22 Upper Tachbrook St, SW1 |
Safeland |
Eldridge Pope (BSD) |
300 |
1.25m |
F |
|
25-31 Frogmoor, High Wycombe, Bucks |
Eldridge Pope (BSD) |
First London Properties (Stupples) |
841 |
95,000 pa |
35 |
|
The White Horse, London End, Old Beaconsfield, Bucks |
Private (Leaver Charles Grainger) |
City Centre Restaurants (BSD) |
450 |
950,000 |
F |
|
Strouden Park, Bournemouth, Dorset |
Eldridge Pope (BSD) |
Castlemore Securities |
na |
Surrender |
F |
|
Terraza, 4-5 King St, Richmond, Surrey |
Ask Central (BSD/Richard Watson) |
Whitbread (Christie & Co) |
na |
80,000 pa |
L |
|
Cafe Rouge, 34 Market Place, Newbury, Berks |
Ask Central (BSD/Richard Watson) |
Whitbread (Christie & Co) |
na |
50,000 pa |
L |
|
Cafe Rouge, 67/69 The Broadway, Stanmore, Middx |
Ask Central (BSD/Richard Watson) |
Whitbread (Christie & Co) |
150 |
37,500 pa |
L |
|
Harveys, Lavender Hill, SW11 |
Front Room (Leslie Furness) |
Barracuda Group (BSD) |
300 |
90,000 (plus premium) |
30 |
|
Deli France, 121 Putney High St, SW15 |
Pret a Manger (Thomas Davidson) |
Deli France (BSD) |
141 |
59,000 pa (100,000) |
15 |
|
Unit 1, Finchley Leisure Park, N12 |
Pizza Hut UK |
City Centre Restaurants (BSD) |
400 |
110,000 pa (plus premium) |
20 |
|
Town Centre House, Cheltenham Parade, Harrogate, N Yorks |
Ask (BSD) |
Central Grand Corporation (Strutt & Parker) |
325 |
70,000 pa |
35 |
|
Unit E, West India Quay, Canary Wharf, E14 |
Scu-zi (BSD) |
Gourmet Pizza Company (Shelley Sandzer) |
350 |
90,000 pa (200,000) |
25 |
|
Turners Restaurant, Walton St, London SW3 |
Private (Knight Frank) |
Turners (BSD) |
250 |
80,000 pa (plus premium) |
13 remaining |
|
Jeba House, Gas St/Castle St, Rugby, Warks |
Eldridge Pope (BSD) |
Harcourt Property Investments (Leaver Charles Grainger) |
627 |
75,000 pa |
35 |
|
Bella Pasta, 155 Earls Court Rd, SW5 |
Puccino’s (Carr & Priddle) |
Safeland (BSD) |
100 |
68,000 pa |
25 |
|
Black Horse, 109 Marylebone, High St, W1 |
Peter Gordon, Providors (BSD) |
De Walden (Carter Wassell Murdoch) |
150 |
60,000 pa |
25 |
|
The Gate Centre, Newgate St, Newcastle, Tyne & Wear |
Chorion |
Land Securities (JLL/Rapleys) |
2,323 |
n/a |
na |
|
Redditch, Trafford Park, Manchester |
KFC (NAI Gooch Webster) |
Green Property (Healey & Baker) |
237 |
42,860 pa |
25 |
|
28 Cross St, Manchester |
Greggs (Mason Owen) |
Costa (Healey & Baker) |
81 |
60,000 pa |
22 remaining |
|
Unit 8 & 9 Hanway Place, 6-17 Tottenham Court Rd, W1 |
Alan Yau T/a Hakkasan |
Land Securities (Healey &Baker/ Ian Scott) |
642 |
100,000 pa |
25 |
|
Unit 2A, City Point |
Corney & Barrow Wine Bar |
Wates City Point/Pillar |
|||
|
1 Ropemaker St, EC2A |
(Healey & Baker) |
(DTZ) |
420 |
125,000 |
15 |
|
218 Whiteleys Shopping Centre, W2 |
Yo! Sushi (Marks Commercial) |
Standard Life Investments (Healey & Baker/Phillips Wilks) |
120 |
55,000 |
15 |
|
RU1, Parkfield St, Islington, N1 |
Wagamama (Graeme Waite) |
Centros Miller (Healey & Baker/ GVA Collyer Coxhead) |
395 |
97,500 |
25 |
|
Unit 2, Mermaid Quay, |
Scallops |
Sovereign Land/Schroders (Healey & Baker/ Cardiff King Sturge/PHD) |
172 |
39,600 pa |
25 |
|
New Cafe Unit, O2, NW3 |
Starbucks (JLL/Montagu Evans) |
O2General Partner (Healey & Baker/Shelly) |
93 |
55,000 |
22 remaining |
|
RO5 Gunwharf Quay, Portsmouth, Hants |
Yellow River Cafe (Healey & Baker) |
Berkeley Festival |
205 |
33,000 pa or turnover |
25 |
|
SU50d, Touchwood Solihull, W Midlands |
Yellow River Cafe (Healey & Baker) |
Lend Lease (CBHP) |
307 |
60,000 pa |
15 |
|
Unit TS, Two Rivers, Staines, Middlesex |
Pizza Hut (Donaldsons) |
MEPC/Aberdeen (Healey & Baker/ Lunson Mitchenal) |
416 |
110,000 pa |
15 |
|
Unit S8,Two Rivers, Staines, Middlesex |
Nandos (Paul Benjamin Asscts) |
MEPC/Aberdeen (Healey & Baker/ Lunson Mitchenal) |
252 |
74,580 pa |
15 |
|
Aylesbury – Broadfields Retail Park |
Pizza Hut |
LaSalle (Healey & Baker) |
390 |
125,000 pa |
25 |
|
Sol Central, Northampton |
Opium Lounge (EJ Hales) |
Great Portland Estates (GVA Grimley) |
1,254 |
125,000 pa |
25 |
|
Sol Central, Northampton |
Aroma (Paul Benjamin Assets) |
Great Portland Estates (GVA Grimley) |
557 |
114,000 pa |
25 |
|
Millennium Plaza, Cardiff |
Luminar Leisure/ Jumpin’ Jaks |
Delancey (E J Hales/ DTZ/Harvey Spack Field) |
1,189 |
n/a |
25 (5-year reviews) |
|
Millennium Plaza, Cardiff |
Regent Inns’ Bar Risa/ Jongleurs (Jeremy Rubin) |
Delancey (E J Hales/ DTZ/Harvey Spack Field) |
529 |
n/a |
25 (5-year reviews) |
|
Millennium Plaza, Cardiff |
Regent Inns’ Surfers Paradise (Jeremy Rubin) |
Delancey (E J Hales/ DTZ/Harvey Spack Field) |
1,551 |
n/a |
25 (5-year reviews) |
|
NB: AG&G = Alder Grimes & Gooderham * Asking price ** F=freehold L= leasehold The table contains a sample of deals received by EG and is not a comprehensive list of all transactions |
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