Abrdn is bringing to market the original The Ivy restaurant, an institution and celebrity haunt in London's Covent Garden, seeking £40 million.
CBRE has been appointed to sell the famous eatery at a 3.75% yield. The lease on the 14,466-square-foot building has 47 years left to expiry.
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 subsequently 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.
The freehold property had been under Richard Caring's ownership since 2005 when he bought The Ivy owner Caprice Holdings.