The popular Lebanese restaurant Yalla Yalla is to open a second site just off Market Place by London’s Oxford Circus, after signing a £90K per annum lease for the next ten years.
The site on Winsley Street will be taken over from its current tenants Il Pomodoro Restaurant, which had not been doing very well, according to the leisure property consultant Shelley Sandzer, which represented Il Pomodoro in the deal.
Brand is key
“It’s a street that’s growing, but you need a brand around there, and Il Pomodoro didn’t have one,” said Nick Weir from Shelley Sandzer.
“Although this is only the second restaurant for Yalla Yalla, it already has a great name and a recognized brand,” he told BigHospitality.
The three-way deal agreed between the two restaurants and the landlords was beneficial to all three parties, said Weir.
Il Pomodoro, which had one more year left on its lease, received a premium from Yalla Yalla to relinquish the property. Yalla Yalla got a new site with a key positioning, while the landlords – The Langham Estate – will be receiving £90K in rent per year, compared with the £70K they were receiving from Il Pomodoro.
The 2,000 sq ft premise is just off Market Place at Oxford Circus, which is occupied by big brands such as Carluccios, Yo! Sushi, Ping Pong and Strada.