A private UK investor has acquired the freehold interest of The Ivy restaurant in Chichester from The National Farmers Union Mutual Insurance Society for £2.8m. The price reflected a net initial yield of circa 4.9% and a capital value of £265/sq ft.
The property at 89-91 East Street comprises a ground floor restaurant with ancillary accommodation on first and second floors. It has recently undergone a substantial refurbishment and provides a net internal area of 10,886 sq ft.
The building is let to Troia (UK) Restaurants, who trade as The Ivy, on a full repairing and insuring lease for 25 years, expiring in November 2046, with no breaks. The lease is guaranteed by Caprice Holdings.
The passing rent is £150,000 per annum and the lease is subject to five-yearly upward only rent reviews, with the next review due in November 2026.
The vendor was represented by TW Keil and the purchaser was represented by Cew Capital and Nightingale Partners.
