An example to its Peers
Chelsea’s King’s Road has seen many changes over the years – but one thing that has remained constant has been the appeal of its bars, restaurants, clubs and pubs. The Peer, in Sydney Street – just off the main thoroughfare – proves the point.
After a short marketing campaign, licensed leisure specialists AG&G recently secured new tenants for the pub on a 10-year lease. Taken to market in June, the lock-up ground floor and basement unit – named after soldier and statesman the Duke of Wellington – was snapped up in a deal completed in September.
“We received four rental offers off the guide rent of £60,000 pa plus premium,” says James Grimes of AG&G.
“Although there was interest from a coffee outlet, the rental proved to be beyond their means. In the end, the successful applicant was a new pub company whose directors have a strong track record in the sector. It shows that properties in good locations, are still highly sought after and can command rents to match their popularity.”