A newly created A3 restaurant investment, located in the heart of Marlow, has been sold for £1.97 million representing a net initial yield of 5.5%.
Marlow, a historic and picturesque town located on the River Thames, has already attracted a number of A3 occupiers, including Baroosh, Vanilla Pod, Marlow Bar & Grill, Thai Square, Zizzi, Pizza Express and Michelin Star restaurant – The Hand & Flowers to the town. The newest addition follows the letting of a prominent restaurant unit, located on West Street in the town centre, to the expanding restaurateur, New World Trading Company (t/a The Botanist) on a new 25 year lease from December 2015 at a commencing rental of £115,000 per annum.
The new operation opened before Christmas and trades from ground with ancillary accommodation above. It also includes additional covers at the rear with the two buildings linked by a glazed corridor. The restaurant can accommodate up to 180 guests and the offer includes botanical cocktails, craft beers & ales, deli and rotisserie inspired food and regular live music.
Hartnell Taylor Cook LLP advised the vendors, Churchill Property Group, jointly with Duncan Bailey Kennedy and the freehold investment was purchased by a private investor, advised by Coffer Corporate Leisure.