The Restaurant Group (TRG), owners of Wagamama and Frankie & Benny’s, have completed the sale and leaseback of its London headquarters in a multi-million-pound deal.
As revealed by Commercial People in June, TRG were advised by the global real estate advisor CBRE to find a suitor for the Southwark prime office.
David Fraser, Senior Director, Central London Investment, CBRE commented: “Southwark is one of Central London’s best performing submarkets, with strong occupier fundamentals that attract a diverse tenant base. The appeal of the location coupled with the strength of the income profile at 5-7 Marshalsea Road has supported robust appetite from a range of buyers, despite investment volumes being down on the previous year.”
The prime freehold office building on Marshalsea Road was bought by an unnamed Japanese buyer for £27m. Upon completion of the sale, the property will be let in its entirety to TRG for a term of 10 years.
Estate agents Knight Frank advised the purchaser.