2 Freehold Sales in North London
June 14, 2012
Following the assignment of the leasehold interest of the Three Crowns in Stoke Newington earlier this year, Davis Coffer Lyons has completed the freehold acquisition of the property from Enterprise Inns to multiple pub operators Bruce Bar Ltd for £2.2 million.
Bruce Bars is now looking to add to their portfolio and will consider freehold or leasehold sites in London. The company, run by Michael Nicholas, already owns and operates eight pubs in the North London area including The Pub on the Park in London Fields, as well as The Enterprise and The Monarch in Camden.
The Three Crowns is a Victorian pub is located in one of Hackney’s most popular residential areas on Stoke Newington High Street, a spacious corner pub which comprises 2,300 sq ft on the ground floor with substantial accommodation above.
Also in North London, the Haverstock Arms in Belsize Park, NW3, a substantial freehold property, has completed for £2million. The pub was sold by Davis Coffer Lyons on behalf of Andrew Carey, also known as Andrew the Barman, appearing in Chris Evans’s Channel 4 talk show TFI Friday every episode from 1996-2000.
In one of the most sought after residential areas of North London, the pub has been purchased by Southover Properties which plans to develop the property and re-let the nine bedrooms. Once refurbished, the ground floor and basement will be re-let for a restaurant or bar opportunity.
Paul Tallentyre, Director of Pubs at Davis Coffer Lyons, said: Multiple operators with a strong cash flow are continuing to snap up sites as we approach the end of the first half of the year. As with the recent news of Spirit releasing 100 pubs into the market, Punch Taverns and Enterprise Inns continue to offload sites, creating welcome movement in the market. The London pub market remains very buoyant and high premiums are continuing to be paid for good London assets although outside of London we expect the market remain very challenging for some time to come.