News
Nanobyte, 181/1865 Wardour Street, London, W1
Intrinsic have acquired the former Nanobyte Pub (Faucet Inns) on Wardour Street, Soho for Otarian London Limited for their second vegetarian global cuisine West End restaurant. Otarian currently trade from three sites in New York and are now launching their exciting concept in Central London. Otarian will be carrying out a full refurbishment converting the dark and dinghy boozer into a vibrant and energetic restaurant which is planned to open in spring 2010.
Former Prezzo, Northampton Road, Cambridge
Intrinsic have acquired on behalf of Cambs Cuisine the former Prezzo in Cambridge. The property was acquired off market as a lease assignment with premium for Cambs Cuisine who currently trade from The Cock Gastro Pub, The Boathouse and The Chophouse in Cambridge town centre and are the proud owners of the National Dining Pub of Year 2009/2010 from the Good Pub Guide. Cambs Cuisine will be opening this restaurant in spring 2010 under the Chophouse concept.
The Real Greek, 140/142 St John Street, Clerkenwell, EC1
Intrinsic have let on behalf of the landlord the former Real Greek Restaurant to TOTO for their flagship UK store. The former restaurant is being transformed into a state of the art showroom for the creative design and high technology bathroom specialist. TOTO was founded in Kitakyushu, Japan in 1917 and this unit is their first UK premises with an expansion of further units planned in 2010. Their company specialises in creating revolutionary solutions combined with high technology and high end design and currently trades across Asia, North America, Milan, Paris and now London.
Unit 5, Hillside NW10
Following the letting to Tesco in the Hub and medical centre opposite and lettings on units 1, 2, 3 and 4 to Post Office, pharmacy, takeaway restaurant and Ecstassy Hairdressers, Intrinsic have let unit 5 on behalf of Hillside Housing Trust a 730 sq ft takeaway unit to Reggie’s Caribbean Takeaway. Intrinsic achieved above the quoted rental for a new 15 year lease which is Reggie’s first unit who will be specialising in authentic Caribbean food from cooked from well known local chef. Reggie’s took the premises as a shell unit and hope to start trading by Summer 2010.
Torquay – Swan Street
Intrinsic have acquired the freehold of the former Yates public house for Dam Estates Limited. The property is a substantial 5 story building built into the rock face and is located at the entrance to the Fleet Walk Shopping Centre. Dam Estates will be letting the bar premises on the ground to second floor and carrying out a development to the remaining upper parts at a later date.
Torquay – Swan Street
Intrinsic have let the former Yates bar to Mbargo for their sixth premises on a new lease for 15 years. Dam Estates were delighted with the speed in which Intrinsic achieved the letting from the purchase of the freehold on their behalf. Mbargo will trade over the Christmas period and then be undertaking a full refurbishment early 2010.
ZEST JUICE
Intrinsic have been instructed to sell the Zest Get Juicy Limited Portfolio which contains 5 juice bars in prime town centre shopping locations across the South East of England. The brand is a well established and successful company who have built up a good reputation and strong presence in this ever growing health conscious juice bar market. This sale offers an incoming operator the opportunity to take on a successful company and take it on to the next level and increase the already high profit margins being achieved.
Each of the juice bars are held on leases, they are fully fitted with all the juice making equipment you could ever want so it is a real “turn key” opportunity for either an established company looking to increase their brand presence or an individual wanting to acquire a ready made company! For further information on this sale please contact Michael Webb.
Restaurant/Bar Operator Wanted for New Boutique Hotel
Intrinsic are searching for an operator for a new boutique hotel in London which is opening in July 2009. The hotel is going to be a 50 bedroom boutique hotel branded as a Quality Inn. The Maitrise Hotel will be finished to an exceptionally high standard in a contemporary modern style with four star standards. The hotel is located almost diagonally opposite the Maida Vale Marriott Hotel on the borders of Kilburn and Maida Vale. The restaurant and bar will be fully fitted included kitchen and comprises around 1,600 sq ft fitted as a 65 cover restaurant and bar. Room service will not be provided so the hotel owners are looking for a high quality and experienced operator to run the restaurant and bar to provide facilities for the hotel guests but also attract outside business.
The Pinnacle, Milton Keynes
Just over 12,000 sq ft of high quality food and drink or retail space in Milton Keynes largest office development for over 25 years. The Pinnacle comprises an office scheme of around 200,000 sq ft with pre-lets agreed on approximately half the office accommodation to accountants Deloitte & Touche and law firm Denton Wilde Sapte. The Pinnacle is also the tallest office building built in Milton Keynes to date and is in a prime location in the city’s central business district.
The units available will appeal to restaurateurs, sandwich bars and coffee shops seeking to capitalise on the estimated 8,000 to 10,000 office workers within a 5-8 minute walk of the site and in addition, the units are likely to appeal to other users such as retail showroom, medical use and other similar occupiers. The site is a short distance from The Hub which opened last year and where restaurant and bar operators such as Café Rouge, The Living Room, Brasserie Blanc, Strada and Loch Fyne have all proved the tremendous success and potential of Milton Keynes.
Units are available from 1,500 sq ft to 6,600 sq ft in Milton Keynes highest profile office development.
Marlow, Wine Bar Opportunity
Intrinsic have been instructed on an unusual unit in Marlow town centre which could be a real gem of a wine bar or similar type of use. The unit is literally a few steps away from the High Street where all the major names that trade very successfully such as Restaurant Bar and Grill, Zizzi, Pizza Express etc. The unit is around 1,000 sq ft, it is quite a wide fronted unit and quite shallow so there is a great window frontage and great natural light coming in. The planning consent for A4 use has just been granted so a wine bar catering for the yummy mummies during the day and a high number of tourists and day visitors to the town and the more discerning in the evening could be possible, but the unit would also suit a number of other uses from coffee shop to high quality delicatessen or indeed other retail uses.
Ludgate Circus/St Pauls Pub
Intrinsic will be bringing to the market in a confidential basis a corner pub in the City close to Ludgate Circus and St Pauls offering a great opportunity for a high turnover pub opportunity with a low rent. The pub is situated in the ground floor and basement of the KPMG office building on Farringdon Street, this is a great opportunity for a profitable and easily manageable City pub operation.
New Subleases Offered in Ilford and Chesham
Intrinsic have been instructed by Marstons to let two former branded pubs/bars.
The first is in Ilford in a prime town centre position. This comprises a large late night bar formerly trading as Que Pasa and IG1. The property is a large two floor operation comprising a total of 6,000 to 7,000 sq ft over two trading levels plus manager’s accommodation. The property is partially fitted so could relatively easily be reopened as a bar or indeed converted to a large buffet restaurant, restaurant/bar or even retail unit.
The second property is a former café bar in Chesham High Street in Buckinghamshire. Chesham is a market town between Amersham and Hemel Hempstead and the property occupies a prime position in the pedestrianised section of the High Street close to the likes of Starbucks and Carphone Warehouse. The ground floor comprises around 3,300 sq ft, there is also accommodation and further space at first floor level. The unit is partially fitted so could relatively easily be reopened as a bar, converted to a restaurant or given its prime retail position, in fact the larger retail units do not become available very often in the town, converted to retail.
Both of these properties are to be offered on new subleases without premium.
Something Fishy in Harrow
Intrinsic have let a former wine bar unit in College Road to a new Fish Restaurant due to open in the summer of 2009. The letting to a private operator who already runs a number of restaurants in North West London will see the premises completely refitted and opened as a high class fish restaurant and bar.
Despite the tough economic climate there was plenty of interest in the property, four serious offers and the Landlords were able to select a tenant with an excellent track record and experience in the restaurant trade. The quoting rent was £49,000 per annum on a new lease basis without premium.
MUSE TO HEADLINE READING
No! Not the band, Muse, to play Reading Festival – a new bar called Muse, to open in the Town Centre in the heart of the evening circuit. Intrinsic have sold Bar Four in Friar Street off a rent of £50,000 a year to the Zest Juice Bar founders for their new Muse Bar concept, a contemporary bar open till late, with grill restaurant and healthy choice of light menu and salads.
The new bar is due to open in June 2009 and the search is on for their second site for opening later in the year.
AN EVENING IN THE CELLS IN HENLEY-ON-THAMES
Intrinsic have acted for private developers to acquire the former Henley Police Station in a prime position in Market Place close to the Pizza Express and Loch Fyne.
It is intended to submit a Planning Application to refurbish the building to provide a restaurant/bar unit of between 2,500-4,000sq ft, two town houses and a couple of apartments. As part of the proposed refurbishment many of the original features of the building will be retained including the cells where it's hoped these can be turned into private dining booths for gastronomic evenings of pleasure!
It is hoped that Planning Consent will be granted during the course of the summer with work starting on site in the autumn ready for occupation in spring/summer 2010.
LONDON PUB SALES
Intrinsic have sold three of their recent pub instructions in Islington and Marylebone, proving that there is still demand for quality opportunities in the Central London area.
Firstly, Colebrook’s Wine Bar, a small ‘bijou’ bar close to Islington’s Antiques Centre in Camden Passage sold to private operators, due to open in the summer of 2009 as ‘The Bar With No Name’.
Just around the corner in Prebend Street, Islington, Intrinsic have also sold free of tie lease Community Pub in Prebend Street to private operators at a passing rent of £34,000 per annum.
The third pub, The Feathers, just behind Marylebone Station, has also been sold to private operators off a rent of £16,900 per annum. The pub which was held on a tied lease, was reputed to be the smallest pub in London and oozed character, cosiness and charm and also was a favourite haunt of cricket fans being en-route from Baker Street and Marylebone to Lord’s Cricket Ground.
Despite the dramatic fall in the market of values of public houses, small premiums were acheived on all of the sales.
PORTERS INTRINSIC
LICENSED, LEISURE, RETAIL & HEALTHCARE VALUATIONS
Intrinsic and Porters Chartered Surveyors launch new valuation service. In the current economic climate and tough trading conditions in many sectors, valuations of property, businesses or groups of properties are still needed for a variety of reasons. End of year accounts, loans, divorce, tax, business disputes and the rest don’t take a break just because belts are being tightened! In this challenging and uncertain period, valuers are coming under pressure as their judgement and opinions are increasingly in the spotlight.
If you require a valuation, however large or small and for whatever purpose, you need expert and experienced advice. To provide such expert valuation advice to our clients, we have launched a new valuation team in the licensed, leisure,healthcare and retail property markets. Intrinsic, the West End based licensed and leisure property agents and Porters, the Valuers based in Kent, have set up a new valuation service, Porters Intrinsic, combining the two firms specialist expertise. Between them they offer one of the largest independent leisure teams in the South East, able to advise on every sector of the licensed, leisure and healthcare property market.
The five Directors of Porters Intrinsic are all recognized names in their field of expertise and have over 110 years experience between them including a few recessions! Porters Intrinsic don’t claim to have a crystal ball and be able to see the future but they do know how to value businesses and properties in the sector in the context of the changes facing the UK economy.
If you need a valuation or are interested in the Porters intrinsic valuation service please contact one of our directors in either the London or Kent office:
LONDON OFFICE: ANDREW CREASE
TEL: 020 7930 6266 email: andrewcrease@intrinsic-property.co.uk
KENT OFFICE: NEIL KING
TEL: 01622 685261 email: neil@portersintrinsic.co.uk
INTRINSIC MOVE OFFICES
Intrinsic have moved offices - we have moved from Mayfair with the hustle and bustle of Bond Street and Oxford Street on our doorsteps, to Regent Street, close to the exclusivity of St James's and Jermyn Street whilst rubbing shoulders with the neon of Piccadilly Circus.
Our address and office phone numbers have changed. Our new contact details are as follows:
Intrinsic Property
5th Floor
14-16 Regent Street
London SW1Y 4PH
Telephone:020 7930 6266
Fax:020 7839 2081
INTRINSIC – QUARTET OF RESTAURANTS/BAR DEALS IN SOUTH WEST LONDON AND SURREY - NOVEMBER 2008
In spite of the current economic climate, Intrinsic are proving that some locations and types of properties are still in high demand with a quartet of deals in the South West London and Surrey area over the past few weeks.
In East Sheen, London SW14, Intrinsic have sold Redmond’s Restaurant to the Fish! Group run by Tony Allan for a new Fish! Kitchen Restaurant. The East Sheen branch will be their third Fish! Kitchen to complement their flagship restaurant in Borough Market and their second outlet in Kingston upon Thames.
The property comprised a ground floor restaurant with around 50 covers, pavement seating and a large kitchen and stores at the rear of the property as well as self-contained residential accommodation upstairs. The property lease which was a 15 year lease from May 2004 at a rent of £29,000 per annum was assigned for an undisclosed premium.
In Wandsworth Bridge Road, Fulham, London SW6, Intrinsic have sold the Little Bay Restaurant to Lola Rojo, the Spanish restaurant and deli based in Northcote Road, Battersea. Having established a very successful operation in Battersea under head chef Antonio Belles, Lola Rojo are going to be opening their second branch and will be looking to further expand in the South West London area.
The property at 140 Wandsworth Bridge Road is close to other operators such as Caffe Nero, Joes Brasserie, L’Amandine and Starbucks. The restaurant provides around 90 covers on ground floor and basement and an external terrace at the front and after refurbishment will open before Christmas.
The leased property is held for a term of 20 years from May 1998 with four yearly rent reviews at a rent of £40,000 per annum. The lease was assigned for a premium of £70,000.
In Thames Ditton in Surrey, Intrinsic have sold the Tiger Joes restaurant, bar and hotel to Southbridge Ltd who are proposing a refurbishment of the prominent corner property and will open as a new bar, restaurant and hotel called The Rain Tree, a contemporary and upmarket Indian style operation.
The property provided for bar, lounge and restaurant with a total of around 130 covers inside and out with seven letting bedrooms which will be refurbished to provide a high quality boutique hotel. The property lease is for a term of 30 years from January 2000 at a rent of £33,750 per annum. Premium offers were being invited for the property in the region of £380,000.
In Epsom, Surrey, Intrinsic have sold the Salt House at 41-45 High Street, Epsom on behalf of The Faucet Inn Pub Group, the London based pub and bar operator. The property is in a prime location in the centre of Epsom, close to the Ashley Shopping Centre, The Ebbisham Centre and the various bars and restaurants and multiple retailers in the vicinity.
The property comprises a large open plan bar/restaurant area on ground floor with a beer garden at the rear of the premises – a ground floor of around 3,900 sq ft. Ancillary accommodation was situated at first floor and basement levels. The lease is held for a term of 25 years from September 1995 at a rent passing of £82,000 per annum exclusive. The lease was assigned to Gondola Holdings who will be reopening the premises before Christmas as an Ask.
INTRINSIC HELP PUT THE “OO” IN RIVERSIDE! - OCTOBER 2008
Intrinsic have let a 3,000 sq ft restaurant unit in the Hemel Hempstead Riverside retail and leisure scheme to one of the most exciting new restaurant operators in the region, Oojam, which is due to open 1 December 2008 giving the residents, shoppers and workers in the area the first chance to sample the UK’s newest Indian food experience.
Unit B8, almost 3,000 sq ft of restaurant space overlooking the attractively landscaped River Gade which runs through the Riverside development has been let to Oojam on a 15 year lease at a rent of £60,000 per annum exclusive. Simon Kelly, Agency Director of Intrinsic commented on the letting: “Oojam will be a fantastic complement to the existing restaurants in the Riverside scheme where we already have Pizza Express, Tootsie’s, Aroma and of course the 110 bed Premier Inn. Out of all the interest we had in the unit, the Oojam concept was preferred to a number of established restaurant operations because they are genuinely going to offer something different in terms of Indian dining and have a concept that has been very carefully created over the past year. They will be open for breakfast from 8am until late and will offer a dine-in service as well as a grab-and-go operation at breakfast and lunchtime. This is not going to be a usual Indian restaurant but one that with its innovative and unique approach, will not just appeal to the large population of residents and workers in Hemel Hempstead, but will draw people in from a much bigger area, there is going to be nothing like it for miles around in terms of quality.”
Riverside is a brand new retail and leisure centre in Hemel Hempstead, one of Hertfordshire’s largest towns and commercial centres. The 288,000 sq ft scheme has created a new prime retail pitch for the town with Debenhams opening a new department store and other new retailers to the town including H&M, Monsoon/Accessorize, HMV, Orange, Waterstones, T K Maxx, Peacocks and Starbucks, together with an enlarged Next store and a new Laura Ashley. The scheme is served by a 350 space multi-storey car park and the major new bus link for the town centre.
The restaurant and leisure units are built facing an attractively landscaped River Gade which runs through the development and creating an eating and drinking environment not seen in the town previously. There are now only two leisure opportunities left in the Riverside scheme, one a small unit shop suitable for a sandwich bar/delicatessen or similar, or a larger unit of 6,500 sq ft mostly on first floor overlooking the water gardens and providing an opportunity for a banqueting/function venue, health club or other similar leisure retail operator.
INTRINSIC SELL HEAVEN - OCTOBER 2008
Acting on behalf of the owners of Heaven, the iconic nightclub group, Intrinsic have sold their Central London nightclub to Mama Group Plc, one of the UK’s foremost media and entertainments operators, who own a network of live music venues, the Hammersmith Apollo, G-A-Y, the Jazz Cafe, the Forum and the Borderline in London.
The Venue, located in Villiers Street between the Embankment and The Strand in central London, has been in operation since 1979 and has played host to performances by an array of renowned international artists including the Eurythmics, Grace Jones and Cher. It has a capacity of over 1,600 and is the only venue in Westminster with a premises licence which permits it to sell alcohol until 6:00 a.m. every day. The Venue is one of the most famous nightclubs in London and one of the largest in terms of floor space in central London. It hosts club nights, comedy club nights, live music performances and is also hired for large scale private events such as corporate and university parties.
The property which comprises cavernous railway arches totalling around 30,000 sq ft is held on a long term lease at a rent of £375,000 per annum. It is intended that the highly successful club nights held at the London Astoria under the Company’s G-A-Y brand will transfer to the Venue under the direction of the Company’s partner in the G-A-Y business, Jeremy Joseph. These nights have featured performances from artists such as Kylie Minogue, Madonna, Boyzone and the Sugababes and are regarded as being amongst the most high profile club nights staged in London.
Kelly Duffy, Director of Central London clubs, bars and restaurants at Intrinsic, and who brokered the sale, commented: "Having acted for the owners of Heaven for many years, I am delighted to have been able to secure a purchaser for the club who shares the same direction and vision that made Heaven such an iconic venue. Heaven has been at the heart of the London nightclub scene for almost thirty years and has a phenomenal reputation, not just in London but internationally. The sale means the future of the club is in safe hands as the brand will be enhanced by the new owners other businesses and areas of expertise’’
CHELMSFORD NEW DEVELOPMENT - JULY 2008
Intrinsic have been appointed letting agents for a new leisure and retail development of the former Alders department store in Chelmsford town centre. The site occupies a prominent corner position on New London Road with return frontage to the River Cam. The developers, P&S Estates, have received planning permission to refurbish and convert the former department store into a number of restaurant, retail and leisure units of between 1,900 sq ft and 12,000 sq ft. Work is due to start on site in the autumn of 2008 and units should be ready for occupation by Spring 2009.
CHICHESTER – NEW 'CATHEDRAL QUARTER'- JULY 2008
Intrinsic have been appointed letting agents on a new development in Chichester city centre adjacent to the cathedral and prime shopping streets. The development by Grange Estates has planning permission for 24 luxury apartments and three new units, all suitable for retail, restaurant or other leisure use. The total accommodation available is up to 13,000 sq ft in three units ranging in size from 3,400 sq ft to 6,000 sq ft.
Work is due to start on site in the autumn of 2009 with a development programme comprising new build, conversion and refurbishment. The larger unit could be made available by the end of 2008 with remaining two units available from Autumn 2009.
FIRST CRITERION THEATRE RENT UPLIFT FOR 15 YEARS - JULY 2008
Intrinsic have recently completed a rent review of the Criterion Theatre for the landlords, Criterion Asset Management. The landmark building on Piccadilly Circus houses the 591 seat theatre which apart from the box office is entirely underground! Intrinsic were able to achieve the first rental increase on this well known theatre for 15 years, achieving a rent of £140,000 per annum.
ROYAL NORFOLK HOTEL, LONDON W2 - SUBSTANTIAL REDUCTION IN QUOTING RENT - JULY 2008
Acting on behalf of the Royal Norfolk Hotel in Paddington, a 49-bedroom, 3-star hotel facing Norfolk Square in Paddington, Intrinsic have been able to achieve a substantial reduction in the landlord’s quote of £500,000 per annum. The property, as well as the hotel, comprises sub-let restaurant and pub and Intrinsic were able to achieve a reduction on the landlord’s quoting rent to settle at £383,000 per annum.
WIMBLEDON BAR RENT REVIEW- JUNE 2008
Acting on behalf to the landlords of the Henry J Beans bar premises in Wimbledon close to the Theatre, Intrinsic have been able to achieve a rental uplift of 20% to £127,500 per annum.
LONDON W1 - INTRINSIC SERVICE SERVICED APARTMENTS - JUNE 2008
Intrinsic have acted for a serviced apartment operator close to Marble Arch in London's West End, to successfully challenge the landlord’s claim for a rent of £85,000 per annum. Negotiations were complicated by the rent being geared to a proportion of market value, extensive improvements to the property and other issues arising out of the lease. In the end the parties could not negotiate a settlement and proceeded to third party. The Arbitrator, having considered both side's arguments awarded a figure of £69,000 pa , a reduction of 19% on what the landlords wanted and an increase on the previous rent of only £7,000 pa.
DRIVE THRU RESTAURANT INCREASE - JUNE 2008
Acting for the landlords of a leisure scheme comprising a drive thru restaurant, Lodge Hotel and family pub adjacent to Junction 7 of the M5, Intrinsic have recently been successful in obtaining an uplift of almost 20% on the 3,200 sq ft drive thru restaurant to a rent of £65,000 per annum.
SMITHFIELD BAR RENT UPLIFT - JUNE 2008
Acting on behalf of the landlords, Intrinsic have recently achieved a significant rental uplift on the All Bar One premises in Charterhouse Street opposite Smithfield Market, an area well known for its pubs, bars and eateries. Intrinsic were able to achieve a rental uplift of 27% to £155,000 per annum. Proof that even in the current market it is possible to find evidence to support rental uplifts in certain 'high demand' locations.
WOKING SALE TO M&B - JUNE 2008
Intrinsic have successfully sold the Maybury Inn in Woking to Mitchells & Butlers for one of their unbranded quality pub/restaurant operations. The pub is situated in the Maybury area of Woking, close to the Knowlhill private estate. Mitchells & Butler faced stiff competition for the site given that a number of residential developers were also keen on buying it, even with the current state of the housing market, since the site was a prime residential redevelopment plot in the an upmarket residential area. Offers in the region of £1.6 million were being sought for the property.
ISLINGTON REGENERATION PROJECT - JUNE 2008
Intrinsic have been appointed by Hyde Housing Association to advise on the commercial element of the Packington Estate's Regeneration. The regeneration project, to be phased over the next four years, is to comprise the construction of 640 new homes in the affordable and private housing sector. The commercial element of the development will comprise around 10,000 sq ft of retail and business space and is programmed to be available from 2010 onwards.
THE BAR GROUP RATES INTRINSIC! - MAY 2008
The Bar Group, the 30 strong Kent-based operator has seen cash savings in excess of £180,000 on 6 of their public houses over the current Rating List using Business Rates experts, Intrinsic. The pubs, which Intrinsic took to Appeal, included The Bok Bar, Covent Garden where a reduction in rates payable of 20% was achieved and The Tigers Head, Bromley, where the reduction was over 45%.
Chief Executive Paul Wigham said, “given the well publicised massive cost increases affecting pub trade it is vital operators utilise professional expertise where potential savings exist”. The Company, which runs The Bok Bar and Wishing Well chains recently announced a pre tax profit compared with losses the year before. On Business Rates, Wigham says “in the past year these successul Rating Appeals made a significant difference to our profit level with savings and rebates of over £60,000 in this financial year alone”
COULD THIS BE THE SMALLEST PUB IN LONDON? - APRIL 2008
Intrinsic have been instructed to sell what is claimed to be the smallest pub in London, The Feathers in Linhope Street, W1. The pub is characterful, extremely cosy and certainly very small having room for only 3 tables inside! The outside seating almost doubles it's size! It's a great 'village' local in the centre of London situated midway between Marylebone Station and Regents Park. It's also a great favourite with cricket fans in the summer as it's on the way from both Marylebone and Baker Street stations to Lord's.
The pub is being sold on a tied lease, the rent is £16,900 a year with an asking price of £49,950. It's a great opportunity for first time buyers and experienced operators looking for a relatively easy to manage Central London pub with living accommodation. There's potential to create a food offering to add trade.
INTRINSIC SELL WIMBLEDON SITE TO PAIN QUOTIDIEN - APRIL 2008
Intrinsic have sold one of the most prominent sites in Wimbledon Village to Le Pain Quotidien, the 'bakery and community table' operator.
The former SW19 bar, one of the original Pitcher & Piano branches, is just over 3,400 sq ft on ground floor and basement with residential accommodation over two floors above. The passing rent on the property is is £138,750 per annum and the quoting premium was £100,000.
The LPQ Group, which is led in the UK by Phillip Le Roux, plans to open the site on the High Street in June, bringing its UK presence to 10 outlets. Worldwide, LPQ now have more than 80 stores in 14 countries after Alain Coumont opened the first outlet in Brussels in 1990.
INTRINSIC HAVE THE “EDGE”
MERGER WITH CENTRAL LONDON BAR, CLUB AND RESTAURANT SPECIALIST KELLY DUFFY - MARCH 2008
Intrinsic, the West End based property consultancy have merged with Edge Commercial as part of their strategic move to create one of the country’s leading firms of leisure property specialists.
Edge Commercial was established in 2003, and has specialised in the growth of some of Central London’s most fashionable and prestigious high turnover clubs, bar and restaurants. Intrinsic also merged with specialist pub sales agency, Business Sales Group in 2007, and the two moves are part of delivering their intention to form a team of highly motivated leisure experts, all recognised as expert individuals in their field. The current directors Andrew Crease, Simon Kelly, Andrew Robinson and Kelly Duffy have combined market knowledge and experience of over 100 years !!
Kelly Duffy the owner of Edge Commercial was also the first woman chair of the Restaurant Property Advisors Society which recently celebrated its 15th anniversary. Kelly will now be appointed as Intrinsic’s Director of Central London Bars Clubs & Restaurants dealing with Sales, Lettings, Mergers and Acquisitions.
Kelly comments on the merger:
“operators and landlords increasingly need a wider range of strategic and personally tailored advice for every aspect of the growth and development of their business, Intrinsic are established as one of the specialists in the sector who can provide cutting edge advice with Valuations, Rent Reviews, Rating and are experts in the Hotel & Pub sector. Despite the recent downturn and uncertainty in the economy, the Central London leisure market is extremely active and vibrant and one of the most exciting market places in the UK’s property sector. The merger of Edge with Intrinsic will enable a partnership to achieve our joint intention to be one the best personalised and comprehensive leisure advisors in the sector”.
WRIGHT DEAL IN CITY OF LONDON - MARCH 2008
Intrinsic have recently sold Wrights Wine Bar in Bow Lane, London EC4 to new bar operator Mahoe Cafes Ltd. The property is a basement wine bar with a prominent corner ground floor entrance in one of the City's busiest pedestrianised streets which runs from Cheapside to Cannon Street. The area is well known for its many modern and traditional restaurants, bars and pubs including the likes of The Fine Line, Bow Wine Vaults, Jamies, Williamson's Tavern, Ye Olde Watling, The Tao to name but a few.
The property is held under a 15 year lease at a passing rent of £50,000 pax. Offers in the region of £150,000 were being sought for the lease. Mike Webb of Intrinsic commented ''Despite the general perception that the City is having a tough time at the moment we were able to generate a tremendous amount of interest in the property and actually achieved slightly more than we were asking for due to the competition for the property. It proves that there is still demand for good locations in the City and plenty of trade - when times are bad the City goes out to drown it's sorrows and when times are good they go out to celebrate. One way or the other they still go out!''
INTRINSIC LET TO WOK N GRILL IN EAST ANGLIA - February 2008
Intrinsic have let a character Listed Building in Kings Lynn to Dot Rice, the East Midlands and East Anglian based oriental restaurant group with 12 outlets in the region. Dot Rice will open their third Wok N Grill outlet, with the first two are currently trading in Lincoln and Cambridge.
The property is located at 23 Tuesday Market Place, King’s Lynn and is a stunning Grade 2 Listed building with many ornate features internally and is arranged over three floors with courtyard area at the rear for external seating. The property is in the largest of King’s Lynn’s two historic market places close to the Corn Exchange Theatre and adjacent to Prezzo.
The property comprises a ground floor with 2210 sq ft (205 sq m), a first floor of 1785 sq ft (165 sq m) and second floor of 1160 sq ft (107 sq m). In total, including the rear courtyard area the property is just over 5400 sq ft (503 sq m). The property was being marketed on a new lease with offers being sought in the region of £65,000 pax.
INTRINSIC LET TO PLANET OF THE GRAPES IN THE CITY - November 2007
Intrinsic have let a ground floor unit at 9-10 Bulls Head Passage, London EC3, one of the bustling passageways surrounding Leadenhall Market in the City, to Planet of the Grapes, for their second branch in Central London.
The unit was formerly Wraps wine bar and sandwich bar with a ground floor of 580 sq ft and a small amount of pavement seating. The property was being marketed on a new lease with rental offers sought in the region of £48,000 per annum exclusive.
Planet of the Grapes will operate a wine bar and are due to open at the end of November. However, they are not just a usual wine bar, more of a wine club with on-line ordering, on-line sommelier, private tastings, special order service, wine clinic as well as cellaring wine collections for club members. On offer in the wine bar they will be opening in the City will be a range of over 450 wines plus wines by the glass. The wines will be on display with tasting notes and off sales are also catered for.
Simon Kelly, Agency Director at Intrinsic said, “We had a lot of interest in this unit and quite a few offers. However, given that the occupation of the unit had changed hands a number of times over the past few years with a fairly downmarket offer that wasn’t suitable for the location, our clients were very keen to find a tenant with a high quality operation who would not just rely on passing trade but have other strings to their bow. Planet of the Grapes firmly fitted the bill on this count because of their wider approach with the wine club and other services they offer which adds to their retail operation.”
Unprecented level of interest sees Kilburn High Road pub sold for over £2M - October 2007
Intrinsic have sold the former Biddy Mulligans public house on Kilburn High Road on behalf of Greene King. THe pub was one of the most prominent buildings in the area being on the corner of kilburn High Road and Willesden lane. Planning permission had been obtained to convert the upper parts to 13 flats and the ground floor to retail/A2 use. 25 offers were received for the freehold of property which sold in the end for close to £2.3M.
Simon Kelly, agency director of Intrinsic, said ' Despite the downturn in the economy and the general air of doom and gloom in the commercial and residential property market we were astounded by the level of interest we were able to generate on this property, proving that there is still tremedous demand out there for prime opportunities and perhaps that many other more secondary opportunities are over priced. We had almost 80 inspections of the property and even the collapse of Northern Rock the day before our 'best offers' date didn't deter buyers!'
Famous Landmark West End bar and restaurant sold by Business Sales Group / Intrinsic - October 2007
The O’ Conor Don bar and restaurant has been sold by licensed property agents Intrinsic/Business Sales Group to a local entrepreneur Gina and Oliver John. This famous landmark bar in London’s West End, renowned for it’s Irish Edwardian Restaurant and waitress serviced Guinness, has been operated by the O’Callaghan family for the past 15 years and had become an institution for West End office workers, tourists and local residents alike.
The O’ Conor Don was arranged with a basement function room, traditional Irish bar on the ground floor along with a 60/70 cover restaurant on the 1st floor. In addition there is a well appointed 3 bedroom flat on the top two floors. Business Sales Group/Intrinsic were quoting a price of offers in excess of £600,000 and after open tender bids; the achieved price was close to that figure.
Oliver and Gina John have now closed the premises and will be re-opening in early September under the name of The Conduit and intend to open under a format of a Marylebone village public house, serving the community, offering a traditional English fayre.
Business Sales Group and Intrinsic have recently merged firms to form a new dynamic practice specialising in all aspects of the leisure property market with an agency team dedicated to the sale of pubs, restaurants and bars.
Andrew Robinson, director of Business Sales Group said ‘It’s a small world in the licensed property market. The irony in dealing with this property is that Intrinsic carried out the rent review last year on behalf of the landlord, the Howard De Walden Estate. It clearly didn’t put Business Sales Group off merging firms with Intrinsic and of course we celebrated the O’ Conor Don deal with a pint of Guinness after exchange!’
Bohemian Freehouse, Kentish Town, Sold by Intrinsic - October 2007
Intrinsic have just been instrumental in the purchase of the famous North London bohemian Freehouse The Pineapple in Kentish Town sold to the owners of The Sir Richard Steele in Belsize Park, Paul Davies and Kirk McGrath. The famous Freehouse was controversially sold some years ago to a property developer for conversion to a residential property and was strongly fought by local residents including Jon Snow of Channel 4 fame and other local luminaries. The property was saved from the hands of the developers and became a very successful Freehouse and restaurant. The premises was on the market at a figure in the region of £1.2 million and after final bids where received a figure well in excess was achieved by the vendors. Andrew Robinson of Intrinsic states that the trade deteriorated over the past few years; however, he is certain the new owners Paul and Kirk will transform the business as they have done at their flagship Freehouse The Sir Richard Steele in fashionable Belsize Park.
Enterprise Buy in Billiercay - October 2007
Intrinsic have just sold The White Horse at Ramsden Heath Nr Billericay, Essex, for a price of £1.6 million to Enterprise Inns. The White Horse has a very traditional destination Freehouse located in the wealthy suburbs of Billericay and traded with a substantial bar, restaurant and function room for approximately 150, large trade garden and children’s play area along with a car park for 60 plus cars. The owners Mr A Carroll and Mr and Mrs Galley have owned the premises for the past 15 years with Mr Carroll retiring from the business and Mr Galley deciding to trade their other public house The Bell Inn, Woodham Ferriers. Andrew Robinson of Intrinsic claimed that the acquisition was done as an “off market” confidential basis and were on the lookout for similar operations in the Home Counties area for quality operations.
Intrinsic and Business Sales Group announce merger - September 2007
Intrinsic and Business Sales Group have announced the merger of the two firms specialising in the licensed, leisure and commercial property market. The new firm will be able to supply a broader service to its client base and provide a range of complementary disciplines to the sector.
The combination of Intrinsic’s agency and professional services expertise and Business Sales Group’s 25 years’ experience as a leading specialist in the licensed property market will create a dynamic and ambitious independent firm able to offer property owners and occupiers in the licensed, leisure and commercial property market expert advice in a range of services including:
Corporate acquisitions and sales – valuations, acquisitions & disposals of groups
Licensed trade sales – leasehold and freehold
Lettings and disposals – for landlords and occupiers from leisure developments to hotels, pubs, bars and restaurants
Acquisitions – from individual property acquisitions to longer term expansion strategy
Professional services – rent reviews, lease renewals and valuations on pubs, bars, restaurants, hotels and other leisure and commercial property
Business Rates – for all occupiers of leisure and commercial property
Dispute Resolution - Independent Expert and Expert Witness on a wide range of commercial & leisure property disputes
Intrinsic appointed to let food, drink and leisure units in Hemel Hempstead Riverside Scheme - September 2007
Intrinsic have been appointed as the specialist agents to let the remaining leisure space in the new Riverside development in Hemel Hempstead town centre.
Operators already open and trading in Riverside include Pizza Express, Tootsies, Starbucks and a 110 bedroom Premier Travel Inn hotel.
Since its recent opening Riverside has transformed retail in Hemel Hempstead, with the 280,000 sq ft scheme creating a new prime retail pitch for the town. Debenhams have opened a new department store and other new retailers to the town include H&M, Monsoon, Accessorize, HMV, Waterstones, T K Maxx and Starbucks together with an enlarged Next (15,000 sq ft) and relocated Clinton Cards.
The units available to let include a range of sizes from 650 sq ft up to almost 6,000 sq ft centred around the attractively landscaped River Gade and will suit a range of uses from sandwich bar and deli to bar restaurant and other leisure uses.
Teville Gate, Worthing - Leisure Scheme gets Planning Consent - September 2007
Outline planning consent has been granted on a new town centre leisure scheme in Worthing. Intrinsic's clients, Hanson Capital Management Limited, are proposing a new leisure complex , the new ‘gateway to the town centre’ to include:
• A swimming pool and sports and fitness complex
• Multiplex cinema
• 24 lane bowling centre
• Bingo club
• Shops, restaurants, cafes, bars and event areas
• Over 260 new homes
• New landscaped public spaces with outdoor cafes, seating and partially covered pedestrian arcade
• Public and private roof terraces and gardens
• 635 parking spaces
Part of the site which is located adjacent to the railway station and adjacent to the main thoroughfare into Worthing has already been demolished and work is due to start on site early in 2008. It is intended that the development will be open for trading by Christmas 2009.