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Restaurant Leasing

9, 11 & 12 Artillery Passage and 50 Artillery Lane


Client

Private Individual

Property

Collection of Victorian built shops with upper parts

Project Summary

9, 11 & 12 Artillery Passage and 50 Artillery Lane is a collection of Victorian built shops with upper parts, containing a 2,000 ft2 restaurant over ground and basement floors, with a self-contained 800 ft2 office and 2-bedroom maisonette on the upper floors.

In mid 2014, Strettons were appointed to manage and market the property. At the time of instruction the entire property was held under a single lease with the office and maisonette sub-let, however the head tenant was heavily in arrears and had abandoned the restaurant in a very poor condition. 

Strettons advised on having the head lease surrendered and undertook discussions with the sub-tenants in order to get vacant possession of the property.

After an extensive marketing campaign, Ottolenghi Limited were identified as the preferred bidder for the site on a subject to planning deal to convert the entire property to Class A3 use. Planning was secured and the tenant took a 25 year lease outside the L&T Act 1954.

Ottolenghi invested a significant amount in refurbishing and revitalising the property which has proven to be an anchor for a new wave of higher end independent occupiers moving to the immediate area as well as providing the freeholder with a significantly more valuable investment.

Max Taylor-Smith

020 7614 0904
max.taylorsmith@strettons.co.uk