Trowers & Hamlins advises on £40m freehold sale of iconic restaurant The Ivy
International law firm Trowers & Hamlins has advised Richard Caring, owner of The Ivy restaurant in London on the sale of the freehold of the building to Standard Life for £40m. The deal also included a 35 year leaseback of the property.
Mr Caring has owned the freehold of the building since 2005, when he bought both the property and Caprice Holdings.
The building on London’s West Street also contains The Club at The Ivy, an exclusive members club which was opened in 2008.
Trowers commercial real estate partner Julien Allen, who led on the deal for Richard Caring, said:
"We have a longstanding relationship with Richard having worked with him since 2009. We're delighted to have assisted on this deal having already acted on other restaurants including The Ivy Chelsea Garden, The Ivy Club, The Ivy Market Grill and The Ivy Cafe St. Johns Wood.
We look forward to seeing the progression of further openings in the regions."