The 3,500 sq ft venue is due to reopen in early 2014 as Kilburn Ironworks after an extensive refurbishment to create a relaxed and informal environment.
The new owners, Jimi Pearce and Will Partridge, plan to create a second bar and a kitchen on the first floor, significantly increasing the amount of trading space.
The bar will serve a range of local beers and craft ales complemented by a wine list, a high-quality spirit selection and an ever-rotating cocktail list. There will also be a selection of sharing food jars and small plates.
The site on Kilburn High Road, close to Brondesbury station, was sold on behalf of Vince Power, the Irish festival and music entrepreneur who founded London’s legendary Mean Fiddler music venue.
He sold the bar, which has been a destination for music and drinks for 18 years, through leisure property specialist DCL, for £1million.
Wax Jambu (pictured below) in Upper Street, Islington, was launched by Jimi and Will with Sara Nixon, specialising in rum and cocktails. It closed in February this year after more than four years when it was sold to Be At One cocktail bar group.
The team briefly returned for three months in spring this year with Wax’s Hogo Shake-Up on the first floor of the William IV pub in Shepherdess Walk near Old Street.
Will said: “Having recently acquired Power’s bar on Kilburn High Road, we intend to extensively refurbish the site, developing it into a prime north-west London eating and drinking establishment.
“Our focus is very much on providing a great neighbourhood bar for local residents, giving them an offering that cannot currently be found anywhere else in the surrounding area.”
Jonathan Moradoff, associate director at DCL, said: “This part of north-west London is really starting to develop into a leisure destination in its own right and operators are really starting to realise its potential.
“These early adopters are trading exceptionally well, and Kilburn Ironworks fits perfectly with what we believe the area needs. Given the pair’s track record running popular bars, we have no doubt that it will be a success.”
Further down Kilburn High Road, Mitchells & Butlers is due to relaunch its 200-cover Earl Derby pub next week with a smart new interior, a strong range of craft ales, good wines, premium spirits and creative pub food. Other stylish bars and clubs that have arrived on Kilburn High Road include The Colombo Group’s Love & Liquor and Costa Tofan’s The Betsy Smith.