Marlon Abela's MARC group has sold a former Bertorelli site in London's Charlotte Street to Wahaca, in order to finance a new site in Mayfair.
MARC acquired the site from Paramount last year but has not opened anything in place of Bertorelli since then.
A spokeswoman for MARC said the company had received a premium of around £150,000 more than it originally paid for the site. The total premium is thought to be around £1m. "We love the Charlotte Street site but have come to the realisation that we can't position the next restaurant we want to open at that location. We want to have a tighter focus and concentrate our efforts on the high-end restaurant market in Mayfair," she said.
Wahaca will use the site it has acquired to open its seventh restaurant.
Property agenct Coffer Corporate Leisure advised on the deal.
Meanwhile, MARC is in the process of securing a site in Mayfair to open the first UK A Voce, MARC's Italian restaurant concept which already has two branches in New York, both with Michelin stars.
By Neil Gerrard
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