04. September 2012 
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Golden boom for restaurant leases in capital
A world-leading chef has just paid £500,000 to a grab a restaurant lease in a star-studded patch of London as prices hit record levels! By the time the Mayfair restaurant is ready to serve its first meal later this year he will have forked out over £1 million for the site! The golden boom has been sparked by the towering reputation of UK chefs and the international profile from the 2012 Olympic Games.
Morris Greenberg of Cedar Dean Gilmarc comments: “Britain is the place to be and, despite the low trading during the Olympics, London restaurant business is simply booming. If you have a restaurant in the capital it says you are at the top and leases are hitting record levels because of unprecedented interest.” The latest to take the plunge is Alvin Leung, a two Michelin-starred chef, who has a massive reputation in Asia where he is known as The Demon Chef. The 48-year-old, who started out as a waiter in a south London restaurant 26 years ago, needed to pay almost £500,000 for the lease on the property in Mill Street and will have crashed through the £1 million investment to fit out and market his Bo London venture.
Although the number of diners has dropped during the Olympic period, it has not put off entrepreneurs and international food companies desperate for a slice of the London action. “The restaurant business is one of the high-spots of the economy right now. International and private money is flooding into the UK,” added Greenberg. “The banks are still slow to lend but that it not stopping the boom. London, in particular, is now an arena where international chefs need to be to have that global impact. Attracting someone of Alvin's stature shows just how strong interest is at the moment. He is a major name in world food and he wanted to be in London.”
Alvin commented: “London has a global importance and if you are accepted here then you can go to other countries. It is like being a fashion designer in France, it says that you can perform at the highest level. London has this amazing reputation for food so opening here is a smart move for me.” Experts believe the surge can have a positive impact on the economy. Greenberg's firm has seen restaurant chains, such as Cote, Wahaca, Burger & Lobster and Bills, scrambling for London floorspace to meet the huge demand for affordable as well as high-end food in the capital.
Greenberg added: “People have realised that the banks are not the sole source of lending money and they are getting on with business without them. Only ten per cent of funding now comes from banks. We have investment from Russia, Italy, Japan and now we are seeing serious and committed money coming in from Thailand. Jason Atherton received Singaporean backing for his restaurant Pollen Street Social and is doing phenomenal business. People want to follow him. You can be doing well in New York or Paris but having a restaurant in London says you've arrived on the world scene. The Olympics has also been a catalyst along with road and transport improvements in the capital. It promotes confidence. In terms of the restaurant market, London is the place to be. The restaurant business is the best it has ever been and that is great news for the entire nation.”
Morris Greenberg of Cedar Dean Gilmarc comments: “Britain is the place to be and, despite the low trading during the Olympics, London restaurant business is simply booming. If you have a restaurant in the capital it says you are at the top and leases are hitting record levels because of unprecedented interest.” The latest to take the plunge is Alvin Leung, a two Michelin-starred chef, who has a massive reputation in Asia where he is known as The Demon Chef. The 48-year-old, who started out as a waiter in a south London restaurant 26 years ago, needed to pay almost £500,000 for the lease on the property in Mill Street and will have crashed through the £1 million investment to fit out and market his Bo London venture.
Although the number of diners has dropped during the Olympic period, it has not put off entrepreneurs and international food companies desperate for a slice of the London action. “The restaurant business is one of the high-spots of the economy right now. International and private money is flooding into the UK,” added Greenberg. “The banks are still slow to lend but that it not stopping the boom. London, in particular, is now an arena where international chefs need to be to have that global impact. Attracting someone of Alvin's stature shows just how strong interest is at the moment. He is a major name in world food and he wanted to be in London.”
Alvin commented: “London has a global importance and if you are accepted here then you can go to other countries. It is like being a fashion designer in France, it says that you can perform at the highest level. London has this amazing reputation for food so opening here is a smart move for me.” Experts believe the surge can have a positive impact on the economy. Greenberg's firm has seen restaurant chains, such as Cote, Wahaca, Burger & Lobster and Bills, scrambling for London floorspace to meet the huge demand for affordable as well as high-end food in the capital.
Greenberg added: “People have realised that the banks are not the sole source of lending money and they are getting on with business without them. Only ten per cent of funding now comes from banks. We have investment from Russia, Italy, Japan and now we are seeing serious and committed money coming in from Thailand. Jason Atherton received Singaporean backing for his restaurant Pollen Street Social and is doing phenomenal business. People want to follow him. You can be doing well in New York or Paris but having a restaurant in London says you've arrived on the world scene. The Olympics has also been a catalyst along with road and transport improvements in the capital. It promotes confidence. In terms of the restaurant market, London is the place to be. The restaurant business is the best it has ever been and that is great news for the entire nation.”
