Barings Real Estate Advisers, one of the world’s largest diversified real estate investment advisers, has agreed to pre-let the entire 8,500 ft² mezzanine, ground and basement floors of its landmark 8-10 Waterloo Place scheme in London to Asian fine-dining restaurant, Imperial Treasure. Due to open during 2018, Imperial Treasure has secured the coveted space in the sought-after St James’s location on a 25-year lease.
The Grade II Listed property dates back to 1910 and the long leasehold interest was acquired by a client of Barings Real Estate Advisers in 2014 before a major programme of refurbishment and repositioning works began, including careful restoration of historic features as well as modernisation and reconfiguration of all common areas and work spaces. With the flagship restaurant unit pre-let, the rest of the building offers approximately 23,000 ft². of exquisite office space within 8 Waterloo Place across five additional floors which is due to be launched in April of this year. Award-winning architecture practice, Morrow + Lorraine designed the scheme.
Imperial Treasure is part of a leading restaurant group with 30 venues in Singapore, Hong Kong and China. The Shanghai restaurant was recently awarded two Michelin stars. Known for its offering of high-end, authentic fine Chinese cuisine that includes a range of local specialities, Imperial Treasure has been voted amongst the best 50 restaurants in Asia.
Ian Mayhew, Senior Director, UK Asset Management at Barings Real Estate Advisers, said: “There was a great deal of interest in 10 Waterloo Place, St James’s from both domestic and international operators. With its award-winning cuisine and high-end experience, Imperial Treasure is exactly the type of occupier we wanted to bring to the scheme. This restaurant pre-letting is a strong endorsement of our ongoing asset management strategy and we believe that the exceptional finish of the building, together with its enviable St James’s location, will be a major draw for prospective office tenants.”
Alfred Leung, founder and CEO of Imperial Treasure, added: “We are very excited to be opening our London restaurant in 10 Waterloo Place, St James’s. We were searching for a location and size that reflects our brand and aspiration. When we identified this world class opportunity, we were very pleased to work with Barings Real Estate Advisers to introduce the very fine Chinese cuisine of Imperial Treasure to London’s residents and visitors.”
Colliers International’s Central London Restaurants team advised Barings Real Estate Advisers on the restaurant letting while Savills acted for Imperial Treasure. The office space is being marketed by JLL and Agile Real Estate.
