Interest is expected to be high in London’s Criterion restaurant after it was confirmed today that the marketing process for the sale of the prestigious establishment has begun.
Agents Lambert Smith Hampton (LSH) and Charles Benjamin Associates have received instructions from administrators at UHY Hacker Young to jointly market the leasehold of the West End dining venue, which is regarded as one of the oldest and most historic restaurants in the world.
The Grade II listed property first opened as a restaurant in 1874 and offers 5,784 sq ft of prime space in one of Piccadilly Circus’s most popular throughways which enjoys consistently high footfall levels throughout the year, explaining the large capacity for up to 160 seated diners across two levels.
Thanks to the building’s listed status, the Criterion retains many of its original features but has also benefited from a series of modernisation programmes in order to create a highly functioning restaurant. These have seen the installation of a goods lift which links both floors to a communal service yard, along with the creation of a useful upper floor ancillary wine storage area, staff room and office area.
Principal surveyor Luke Cutler of LSH believes that the Criterion’s location and prestige will ensure a large number of interested bidders will step forward.
He says; “Criterion restaurant has long proved a popular dining destination amongst Londoners since its foundation, hosting diners from Sir Arthur Conan Doyle to Winston Churchill, and Bertrand Russell to the cast of Downton Abbey.
“With a fascinating history and situated in a prime location in the heart of the West End, we are anticipating a high level of interest in the property and look forward to liaising with any interested parties.”
Agents from Charles Benjamin Associates and Lambert Smith Hampton will work closely together to seek premium offers for the 25 year lease for the Criterion restaurant, which is not due to expire until 2034.
At present, the annual rent totals £850,000 excluding service charges and rates, and interested parties are advised to contact the agents as soon as possible as a guideline asking price is available upon request.
