Bird in Hand Makes 3 for Gorst
March 2, 2012
Davis Coffer Lyons pubs team has completed the leasehold assignment of the Bird in Hand pub in West Kensington, off an asking price of £135,000.
The lease has been bought by Glass Investments Ltd, headed up by Jasper Gorst, an experienced operator who also owns The Oak in Westbourne Grove and The Old White Bear in Hampstead . The Bird in Hand was privately owned by the Finnigan family and held on the remainder of a ten year lease at a passing rent of £48,500 per annum exclusive. New lease terms were agreed with the landlord, Punch Taverns.
The purchasers have begun a significant refurbishment which is planned to last around 12 weeks. They have applied for planning permission to convert the existing accommodation to six bedroom boutique B&Bs. At ground floor level will be a pub and dining area offering modern Mediterranean cuisine.
Jasper Gorst, of Glass Investments Ltd said, This was an area of London I know well and see a great deal of potential due to the solid demographic and proximity of Olympia. I am confident well be able to recreate the success of The Oak and the Old White Bear in West Kensington.
Chris Bickle, Associate Director at Davis Coffer Lyons, said, Demand for good quality neighbourhood pubs is very strong. We are consistently achieving six figure premiums on leasehold assignments across London. It is also very attractive for prospective buyers to seek extra accommodation space, as the pub B&B market has seen an enormous surge in popularity lately.