The property containing Mayfair dim sum restaurant Park Chinois in London has been sold for more than £42m.
The two-AA-rosette, 242-cover restaurant, launched by restaurateur Alan Yau in 2015, is situated on Berkeley Street and Dover Street. Former owner GGH Holdings has sold the property to a Turkish family, who wish to remain anonymous.
The sale involved the acquisition of the freehold of the building, together with the company that owns the residential units on the upper floors.
Shakespeare Martineau advised the purchaser on both the acquisition and the financing of the asset. K&L Gates acted for the vendor.
Ravi Goonesena, corporate partner in the London office of Shakespeare Martineau, said: “Park Chinois is an iconic institution on the London luxury restaurant scene and this significant sale is evidence that high-end venues in the West End leisure and retail market continue to provide an attractive investment opportunity, despite relatively low yields.”
“We wish the purchasers the best of luck with their new acquisition and look forward to seeing Park Chinois continue to thrive.”