As unique, prime central London investment opportunities go, this one takes centre stage – Hanover Green is bringing Proud Embankment, one of London’s landmark live entertainment venues, to the market.
Located at 8 Victoria Embankment on the northern bank of the River Thames, and within London’s world-renowned culture cluster which attracts more than 44 million visitors each year, Proud Embankment comprises 19,289 sq ft of amphitheatre-style live events space, configured around a large stage, with further bar and restaurant space.
The venue is let to Proud Cabaret – one of the industry’s most successful operators – for a further 19.5 year and benefits from an exceptionally rare 5am late-night alcohol licence.
The venue generates rent of £949,996 per annum, reflecting £49.25/sq ft overall.
Adding a bit of pizzazz to the investment market, we’ve been instructed to seek offers in excess of £13.995m for Proud Embankment, which reflects a net initial yield of 6.36%.