A Georgian investor who plans an upmarket Georgian concept has acquired Tempo Restaurant & Bar at 54-55 Curzon Street in Mayfair, W1.
The Georgian investor paid a substantial premium to acquire the 20-year lease which runs from January 2005.
The rent is £90,000 per year for the 60-cover restaurant and 25-cover bar.
Tempo consists of 787 sq ft on the ground floor, 799 sq ft on the first floor and a 1001 sq ft basement.
The owner of Tempo entrepreneur Henry Togna first entered the hospitality industry in 1990 when he transformed 22 Jermyn Street into a luxury townhouse hotel. Togna acquired Tempo in 2010.
Alex Hill of The Leisure Partnership who advised the investor said: “There is currently huge international demand for prime central London restaurant sites and such limited stock, that competition is currently very fierce to acquire the best locations.”
David Rawlinson agency director of Restaurant Property also provided advice on the transaction. Richard Chaplin of Noble Harris advised Tempo.
Eat Out Magazine – 30th May 2013 – [read article]