Covent Garden, situated in the heart of London's West End, is a hugely popular tourist destination. The area is renowned for its world class cultural and leisure offer, attracting 44 million visitors a year.
Covent Garden is London's premier theatre and cultural district and is home to the Royal Opera House, Theatre Royal and Covent Garden Piazza. No other district in the world is home to two artistic companies - The Royal Opera and The Royal Ballet - in addition to more than twenty renowned theatres.
Covent Garden is regarded as one of London's major retail destinations, and has attracted many of the world's leading retail brands including Apple, Reiss, Aspinal, Ted Baker, Calvin Klein and H&M.
The high numbers of visitors, local residents and office workers attracts internationally renowned restauranteurs and ensures a thriving restaurant scene.
63-66 St Martin's Lane comprises a seven storey building with commercial accommodation on the ground and basement floors and private residential accommodation on the upper floors sold off on a long lease.
63-66 St Martin's Lane is currently arranged to provide a 72-cover restaurant and bar on ground with storage and ancillary use at basement level. The unit is well configured and provides flexibility that would suit a variety of occupiers.
The property benefits from a licence which allows for trading until midnight Monday through Saturday and 11:30 pm on Sundays.
The upper parts of the property, which comprise private residential accommodation, and the dedicated ground floor entrance are let on a 999 year fully repairing and insuring lease at a peppercorn rent from the 25th December 1996.
The Alchemist is an award winning, innovative and exciting bar and restaurant group. Their vision is to serve up a theatrical, cocktail and casual dining experience, that combines molecular mixology with great service and knowledge from its creative team.
The Alchemist is set to undergo an international expansion. It currently has sixteen venues with a further four in the pipeline.
It has seen impressive growth over the last five years with compounded average growth in revenue of 39% a year. The total revenue in 2018 was £34.5m.
The Alchemist Bar & Restaurant Limited has a Dun & Bradsheet Rating of 2A 2, which represents a lower than average risk of business failure.
The property is elected for VAT. The sale will be treated as a Transfer of Going Concern (TOGC).
We are seeking offers in excess of £11,250,000 (Eleven Million, Two Hundred and Fifty Thousand Pounds), exclusive of VAT and subject to contract. This reflects a net initial yield of 4.00% and a low capital value of £1,672 per sq ft, allowing for acquisition costs of 6.71%.