The home of gentlemen’s club Spearmint Rhino has been sold by trucking giant Stobart Group.
Rockspring Property Investment Managers has bought the long leasehold of 154-162 Tottenham Court Road and 33-37 University Street, W1, for £19.7m – a 5.5% yield.
The 22,000 sq ft property generates £1.1m pa. The largest tenant is Spearmint Rhino, which has a rent review in 2017, and expiry in 2037. It is currently challenging a Camden council decision not to renew its licence in the high court.
Katie McDermott, assistant director at Rockspring, said: “This is a very exciting opportunity in a location that will benefit from inward investment from Camden council and Crossrail.”
The purchase comes two years after Convoy, a joint venture between Stobart and a private third party, first began exploring a £17.5m sale. However, shareholders failed to agree on the sale until this year.
Richard Butcher, head of Stobart Estates, said: “It was the right time to dispose.”
Brown Cooper Marples advised Stobart; Kitchen La Frenais Morgan acted for Rockspring.
joanna.bourke@estatesgazette.com
