Abrdn has gone under offer to sell the original The Ivy restaurant, a celebrity haunt in London's Covent Garden, for close to the £40 million asking price, CoStar News understands.
CBRE is advising on the sale of the famous eatery seeking a price that reflects a 3.75% yield. The lease on the 14,466-square-foot building has 47 years left to expiry.
Market sources said the party in exclusive talks to buy the building is Habro Property, the real estate investor which acts on behalf of Danish clients.
The iconic Art Deco-style restaurant at 1-5 West Street was established in 1917 by Abel Giandolini and maître d’hôtel Mario Gallati, who also went on to set up Le Caprice in St James's.
It has undergone several refurbishments over the years and in 2008 The Club at The Ivy, a private members club, was launched. Its location opposite the Ambassadors and St Martin's theatres made it a popular restaurant for theatregoers and celebrity actors such as Laurence Oliver and Vivien Leigh, Marlene Dietrich, John Gielgud and Noel Coward, as well as royalty including the late Queen Elizabeth II.
Tom Cruise, Kathleen Turner and Bradley Cooper are just a few of the American stars to have dropped in.
The Ivy has expanded across the UK and Ireland. Since 2014, it has opened over 30 spin-off restaurants known as the Ivy Collection.
Abrdn, then Standard Life Investments, bought the building from entrepreneur Richard Caring's Caprice Holdings for £40 million in 2017. He had owned the freehold since he bought The Ivy owner Caprice Holdings.
All parties declined to comment or did not respond to requests for comment.