08 July 2008

Sizzling in Soho – licence extension granted by Westminster

AG&G are pleased to have recently represented the vendor in assigning the leasehold interest in 34-36 Dean Street, Soho. 

The unit has been assigned to Mexican-style restaurant company Las Iguanas. 

Situated in the heart of Soho, 34-36 Dean Street comprises 4,100 sq ft at ground floor and 2,700 sq ft to basement.  It is occupied on a 25 year lease from 1996.

The property originally traded as a bar with a premises licence permitting trading to 11.30pm.  As part of the transaction, an application to extend the premises licence terminal hour from 11.30pm to 12.30am was made to Westminster City Council.  The application was successful.

Anthony Alder of AG&G, who represented the vendors, states:-

“Whilst normally Westminster City Council have a near blanket ban on extending licensing hours, in this case Las Iguanas were able to persuade the licensing authorities of the benefits of non-vertical drinking and, trading as a restaurant, the application was successful and an additional hour was permitted to the premises licence.  The attractiveness of the later licence was reflected in the premium paid and this again demonstrates the two-tier market in Soho, with those units with a later licence being able to command higher premiums”.

For further information please contact Anthony Alder of AG&G on 020 7836 7826.

AG&G are chartered surveyors specialising in the licensed leisure industry, with the skill and experience needed to value, assess or promote a property not simply as bricks and mortar but as a business. If it involves the price of a licensed premises, its profitability, rental value, investment prospects or value in a dispute, AG&G can help.

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