Time to polish up Soho bar
There’s rarely a vacant, freehold slot at the heart of the Soho circuit, which makes the Polka Bar in Poland Street, W1, the perfect opportunity for an owner/operator with flair and imagination.
The freeholder, the Liverpool Victoria Pension Fund, is selling the five storey building for £1.5 million through licensed leisure specialists AG&G after the lease was handed back by the administrators of Regent Inns. They had been paying annual rent of £147,000.
The basement, ground and first floors amount to almost 5,000 square metres – the top three floors are on a long lease at a peppercorn rent. It is expected to be available with vacant possession.
“The bar is on a busy road within 200 metres of Oxford Street, in an area packed with restaurants and clubs and was especially popular for after-work drinks,” says Anthony Alder of AG&G. “At £1.5 million it’s good value and a terrific opportunity for an entrepreneur who can give the property some tlc.”