Avignon Capital has expanded its UK portfolio through the acquisition of a restaurant unit in Fulham, London for £2.66m. The modern, purpose-built restaurant unit is arranged over 4,885 sq ft, and let to Brasserie Blanc, the French restaurant group led by acclaimed chef Raymond Blanc.
The brand-new restaurant unit is located in Fulham Reach, a high-profile riverside development on the Thames Pathway, due to open in early summer 2017. The development covers over 646,000 sq ft, which will bring 744 new homes to the riverside and provide a further 45,000 sq ft of retail, leisure and office accommodation.
The Fulham restaurant will be the 19th restaurant operated by the Brasserie Blanc group, with the refresh of the group’s portfolio facilitating strong sales results in recent times. A lease term of 20 years from completion has been agreed with Brasserie Blanc, who will look to spend over £1m on their own fit-out of the property.
Fulham is an affluent borough in London with a growing demographic of young professionals; the opening of the Thames Path in front of the development, as well its proximity to Hammersmith tube station, is expected to further increase footfall by the restaurant.
Phil Walker, Investment Manager at Avignon Capital, said: “Fulham Reach is a highly prestigious development and we are pleased to add this long-let leisure asset to our portfolio.
The property benefits from having a 20-year straight lease to Brasserie Blanc, as well as being situated in an improving location with the addition of the Thames Pathway. We are continually looking to add similarly strong opportunities to our expanding UK portfolio.”
CWM acted for Avignon Capital during the transaction.