Coveted restaurant leasehold on sale for first time in 20 years

The ceiling of Covent Garden Market is lined with giant mistletoe as part of it's Christmas light display in central London on November 26, 2016 / AFP / NIKLAS HALLE'N        (Photo credit should read NIKLAS HALLE'N/AFP/Getty Images)

QSR and casual dining chains are expected to be circling one of Covent Garden’s top restaurant spaces after it was put on the market for the first time in nearly 20 years.

The leasehold interest of Henry’s Cafe Bar, at the centre of one of London’s busiest shopping and theatre districts, was brought to the market by real estate advisor Savills this week.

The sale is on behalf of PwC’s David Chubb and Michael Jervis, the joint administrators of TCG Bars Limited. henrys-cafe-bar

The property, which is situated on Henrietta Street at the heart of Covent Garden, extends to more than 8,500 square feet (790 square metres) over ground and basement levels. It is held on a Landlord & Tenant Act protected lease and will be sold without the Henry’s trading name.

Paul Breen, director in the licensed leisure team at Savills, said: “This is an incredibly rare opportunity for an incoming operator to acquire a substantial flagship premises in the world famous location of Covent Garden. It is the first time in nearly 20 years that this property has come to the open market, so we anticipate strong interest from a broad range of potential occupiers.”

PwC were appointed joint administrators of TCG Bars back in September 2015. The group comprised 14 entities and operated 63 pubs. Immediately following their appointment they sold the majority of the businesses and assets to Stonegate and continued to trade six pubs that weren’t included in the deal.

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