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Biagio Caroleo to sell four Italian restaurants in London

30 August 2011 by
Biagio Caroleo to sell four Italian restaurants in London

Restaurant owner Biagio Caroleo is to sell four Italian restaurants in central London.

Restaurant Property is advising Caroleo, who has put Biagio Wardour Street, Biagio Bankside, Piccolo Diavolo and his flagship Biagio Piccadilly on the market.

Restaurant Property's Mark Calder said: "The sale has already attracted a lot of interest, with bidders going for both the entire portfolio and single restaurants. Biagio Caroleo may also sell the rights for the restaurants to continue trading as Biagio."

The 250-cover Biagio Piccadilly at 189 Piccadilly W1, which trades over four floors is held on a 54-year lease, with 39 years remaining. The rent is £150,000 per year and there is a £850,000 premium.

The 140-cover Biagio Chez Victor at 45 Wardour Street, Soho, W1, is held on a 25-year lease with 14 years remaining. The rent is £169,000 per year and it has a £500,000 premium. The nearby Piccolo Diavolo at 8 Old Compton Street, Soho, W1, is held on a 25-year lease with 13 years remaining. The rent is £89,000 per year and there is a £400,000 premium.

The recently refurbished Biagio Bankside at 32 Bridge Road, SE1, is an 180-cover restaurant with a 200-capacity bar and a night club. The rent is £80,000 per year and it has a £175,000 premium.

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By Neil Gerrard

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