A fund advised by Tristan Capital Partners and Addington Capital has sold a prime leisure investment on Broad Street in Birmingham city centre to Downing Group for £5.4m.
The three units are let to Bierkeller, Velvet Music Rooms & Sugar Suite and Food Republic on a combined passing rent of £425,242 a year, reflecting a net initial yield of 7.4%.
The assets were bought in 2014 by EPISO 3, a fund advised by Tristan and Addington as part of the £150m Project Tree portfolio.
Alex Wagstaff, partner at Addington Capital, said: “Last July we announced the letting to the Burning Night Group for its Bierkeller, Shooters Sports Bar and Around the World Bar and Lounge concept, which has helped put Broad Street back on the map as a prime leisure venue.”
Tristan and Addington were advised by Savills. Downing Group was represented by MK2 Real Estate.
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