Owners of Wagamama and Frankie & Benny’s, The Restaurant Group (TRG), has appointed CBRE on the sale and leaseback of their headquarters in Southwark, London.
Located at 5-7 Marshalsea Road, the prime freehold office building will benefit from a £2.7m refurbishment by TRG, creating over 23,000 sq ft of creative space throughout the premises.
Commenting on the sale, David Fraser, Senior Director, Central London Investment, CBRE said: “We are expecting strong interest in 5-7 Marshalsea Road. The combination of its dynamic location, guaranteed long term rental income plus the £2.7 million planned refurbishments to be completed by the current owners, will make it an attractive proposition to a wide range of investors.”
Over the past decade, Southwark has proven itself to be one of Central London’s strongest performing submarkets, offering a vibrant creative environment that has become a hub for tech and media firms alike.
CBRE is seeking offers in excess of £5.70m, reflecting a net initial yield of 4.45% and low capital rate of c. £1,100 psf.