Restaurant owner Biagio Caroleo advised by Restaurant Property is selling his four central London Italian restaurants.
The 250-cover Biagio Piccadilly at 189 Piccadilly W1, which trades over four floors is held on a 54 year lease with 39 years remaining. The rent is £150,000 per year and there is a £850,000 premium.
The 140-cover Biagio Chez Victor at 45 Wardour Street, Soho, W1 is held on a 25-year lease with 14 years remaining. The rent is £169,000 per year and it has a £500,000 premium. The nearby Piccolo Diavolo at 8 Old Compton Street, Soho, W1 is held on a 25-year lease with 13 years remaining. The rent is £89,000 per year and there is a £400,000 premium.
The recently refurbished Biagio Bankside at 32 Bridge Road, SE1 is a 180-cover restaurant with a 200 capacity bar and a night club. The rent is £80,000 per year and it has a £175,000 premium.
Restaurant Property's Mark Calder who is advising: "These cracking central locations have ensured that the sale has already attracted a lot of interest with bidders going for both the entire portfolio and single restaurants. Biagio Caroleo may also sell the rights for the restaurants to continue trading as Biagio."
Source: MJ2 Limited