Nelson Bakewell - Retail - London WC2, Long Acre

Date: 13 Apr 2000

NPI have purchased the long leasehold interest in Stringfellows nightclub, 140/142 Long Acre & 16/19 Upper St Martin's Lane, London, WC2 for a figure of £6,000,000 reflecting a net initial yield of approximately 7.0%.

The nationally renowned nightclub, which was established in 1980 by Peter Stringfellow, is situated in the heart of London's West End entertainment area between Leicester Square and Covent Garden. Occupying a total of some 925 sq m (9,950 sq ft), it provides a fully licensed restaurant and discotheque on basement and ground floors. The head lease acquired has some 125 years remaining at a peppercom. The vendors, London Underground have retained the remainder of the building.

Stringfellows occupy the property on a lease expiring on 25th March 2015, with a tenant's break in March 2005. There is an outstanding rent review due on 25th March 2000, which will be undertaken by NPI. Since the mid 1990's the club has enjoyed the added benefit of being able to offer fully licensed topless dancing and artistic striptease. The current net rent received is £250,000 per annum but this is expected to double following completion of the outstanding rent review.

Nelson Bakewell and Henderson Investors acted on behalf of NPI; CB Hillier Parker acted for London Underground.

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