St Martins secures Cote restaurant at London Bridge City

18 May 2009

St Martins, the leading property development and asset management company, has secured Cote Restaurant at the iconic Hay’s Galleria retail and restaurant complex – part of its prestigious London Bridge City development situated between London Bridge and Tower Bridge on the banks of the River Thames.

Cote Restaurant Ltd has taken unit 1 at Hay’s Galleria on a lease of 25 years at a starting rent of £150,000 pa with five yearly upward rent reviews.

Cote is a French brasserie and bistro concept launched by Andy Bassadore and Chris Benians, the creators of Strada and the concept is backed by Richard Caring’s Caprice Holdings.

Richard Ratcliffe, Portfolio Director at St Martins, said: “Cote is already a recognised and respected restaurant brand in London, with a strong management team and a winning concept. These factors made it an attractive proposition to St Martins and an appealing restaurant offer for visitors to Hay’s Galleria.”

Josh Leon of Davis Coffer Lyons, who structured and negotiated the deal on behalf of St Martins Property, said: “As part of the deal we secured a new headline rent, which is a terrific statement in today’s market and demonstrates that the best sites are still commanding substantial rents. DCL has acted for St Martins on the London Bridge City scheme for a number of years. We are delighted to have facilitated a letting to Cote, which is regarded as one of the top concepts in the industry. We also acted as agents on the letting of unit 15 to Allans, also at a new headline rent.”

Cote Restaurant Ltd already has six sites across London including Soho, Wimbledon, Kensington, Richmond and Covent Garden. The inspiration for the food and design comes from a modern interpretation of the many famous bistros that populate Paris.

Allans is a high-class delicatessen and patisserie that has two outlets in Mayfair and is looking to expand further. Allans has taken unit 15 on a lease of 20 years at a starting rent of £37,500 pa.

[ENDS]

For further information, please contact:
Naomi Galt, FD
0207 269 9351
naomi.galt@fd.com