Avignon Capital has expanded its UK portfolio through the acquisition of a restaurant unit in Fulham for £2.66m.
The modern, purpose-built restaurant unit is arranged over 4,885 sq ft, and let to Brasserie Blanc, the French restaurant group led by acclaimed chef Raymond Blanc.
The brand-new restaurant unit is located in Fulham Reach, a high-profile riverside development on the Thames Pathway, due to open in early summer 2017.
The development covers over 646,000 sq ft, which will bring 744 new homes to the riverside and provide a further 45,000 sq ft of retail, leisure and office accommodation.
The Fulham restaurant will be the 19th restaurant operated by the Brasserie Blanc group, with the refresh of the group’s portfolio facilitating strong sales results in recent times. A lease term of 20 years from completion has been agreed with Brasserie Blanc, who will look to spend over £1m on their own fit-out of the property.
Phil Walker, investment manager at Avignon Capital, said: “Fulham Reach is a highly prestigious development and we are pleased to add this long-let leisure asset to our portfolio.
"The property benefits from having a 20-year straight lease to Brasserie Blanc, as well as being situated in an improving location with the addition of the Thames Pathway.
"We are continually looking to add similarly strong opportunities to our expanding UK portfolio.”
CWM acted for Avignon Capital during the transaction.
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans. For more information visit www.togethermoney.com
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