News
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.