We are pleased to announce the completion of one of the deals of the year post-Brexit, handled by The Prideview Group's Director of Agency, Vishal Patel:
A brand new 5,500 sq.ft. Wagamama restaurant on a 25 year lease in Soho, Central London's entertainment district, let out for no less than £600,000 pa, acquired for £14.5M (3.88% net)
In spite of all the uncertainty surrounding Brexit, we at Prideview have continued doing what we do best: Source and Acquire quality commercial property investments.
The property comprises a Virtual Freehold interest within a brand new development comprising 16 apartments and 2 penthouses just a few metres from the new Tottenham Court Road Crossrail Station.
To say this transaction was extremely challenging is no understatement. Amongst the hurdles Vishal had to clear were:
- A FIRST-TIME, overseas investor who wanted to take advantage of the falling pound but did not know HOW or WHERE to invest
- Intense competition from other investors, who unlike our client, had strong track records in the fairly closed Central London investment market
- A virtually impossible timescale to navigate of 7 working days between agreement and exchange
- A pitfall of legal complications to either overcome or accept within this timeframe, not least because the property had not even been built yet!
But thanks to Vishal's experience, expertise and excellent working relationship with our partner agent, our client successfully exchanged on this prime London investment in August '16, with completion in December '16 and the unit set to start trading in early 2017.
When asked about his role in making it happen, Vishal said "To be honest, Prideview's expertise has been built up over 30 years acting for the 'small guy on the street' for whom a £250k investment may well be his life-savings. So when it comes to coaching buyers, ensuring their funds are safely deployed and overcoming legal & transactional hurdles, it's in my DNA. I have leveraged those skills in a different segment of the market, and am already working on a few similar transactions which I intend on getting over the line soon."
Whether you are an Investor or an Agent, if you would like to discuss London & UK investments at any budget level with Vishal in more detail, please don't hesitate to email him on email@example.com or call him on +44 203 113 2141.