29
September
2014
|
00:00
Europe/London

Kremlin Nightclub Sold

CBRE Complete Sale of Northern Ireland’s Premier LGBT Venue. Belfast, 30th September 2014 – Commercial property consultants CBRE have confirmed that Belfast’s largest and longest running LGBT venue has been sold for an undisclosed sum to current tenants Anthology NI.

The sale of the Kremlin Licensed Complex, which includes The Kremlin Club, Union Street Bar and The Shoe Factory Club represents one of the largest pub sales in recent years and generated significant interest from investors, with the final purchase understood to be close to the £3,000,000 asking price.

The complex started with the Kremlin Club in 1999 and has become one of the city’s best-performing and well-known licensed premises and with the new University of Ulster's campus on York Street due to be operational late 2018, the venue which trades seven days a week should continue to generate steady income for the owners.

Tim Reid, Director of Capital Markets at selling agent CBRE said, “As the economic recovery continues to gather pace, so too have we witnessed strong renewed interest in the Northern Ireland hotel and licensed sector. The sale of the Kremlin demonstrates that there is appetite for larger pub lot sizes, where the premises have been well fitted and are underpinned by strong trading fundamentals.”

Formed in 2009 to lease and run the Kremlin Complex, Anthology NI will now take full ownership of the venues including the Liquor License, branding, copyrights, goodwill, fixtures and fittings.

Anthea Wilson, Director of purchaser Anthology NI, said, “We are absolutely delighted to now own the freehold of the Kremlin having been the tenant for the past 5 years. For us its business as usual, but with a few exciting new additions planned for the complex over the next 12 months as we expand on demand and increase our diversity.”

CONTACTS:
Cathy Kapande, INC Marketing – 00 44 (0) 78 2827 2556
Tim Reid, CBRE – 00 44 (0) 2890 43 8555

About CBRE Group, Inc.

CBRE Group, Inc. ((NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.eu

In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 130 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni