Covent Garden members club freehold sold for c£9.3m

The freehold of the building housing the Library Members Club in London's Covent Garden, has been acquired by a privately owned overseas investment company for a price of just over £9.3m.

The sale price for the site at 112 St Martins Lane reflected a net initial yield of circa 2.5%, with competitive bidding lead to its guide price of £8m being substantially exceed.

The freehold of the building was sold by property advisors AG&G on behalf of a privately-owned investment company.

James Grimes, director of AG&G, said: "We worked with our client for the past couple of years to ensure the new lease was set up in a saleable investor friendly format. Though the project took such a long time, the end result made it worthwhile."

Grimes added that the property transaction illustrated the "unprecedented demand for prime freehold leisure property opportunities within central London market."

The purchaser was represented by agent Michael Elliott.

For further information, contact James Grimes on 020 7836 7826 or e-mail james.grimes@agg.uk.com