The freehold of a music venue on London’s popular Charlotte Street is up for sale, with interest expected form both investors and operators.
Currently housed by Charlotte Street Blues, which is run by Alan Lorimer, the 6,000 sq ft site is located at 74 Charlotte Street, and spans five storeys.
“I expect huge interest from West End property investors, but I also wouldn’t be surprised if we were contacted by operators enquiring if they can purchase the premises for their on purposes,” said Josh Leon of the consultancy looking after the sale, David Coffer Lyons (DCL).
Offers over £3m
DCL, which is selling the freehold on behalf of the current owners CBRE Investors, said it is seeking offers in excess of £3m. The venue currently brings in a rent of £173,000, which is expected to increase “at a forthcoming review”.
“It’s a prime freehold in the heart of the West End and the property boasts an occupier with a great following,” said Leon.
Charlotte Street Blues is a live music venue featuring a nightly rotating programme aimed at helping new British and Irish Blues bands make their mark. As the same time, it promotes more established home-grown and international music groups.
Alan Lorimer also runs the successful Guanabara Brazilian bar in Covent Garden.