Broken Foot Inns Acquires New Site in Greenwich
May 31, 2012
Leisure property advisors Davis Coffer Lyons has acquired the leasehold interest of The Coach and Horses pub in Greenwich on behalf of Broken Foot Inns.
A premium of £400,000 was paid for the lease of the pub in Greenwich Market close to Cutty Sark, and was acquired from Inc Group led by Frank Dowling, multiple operator of several restaurants and bars in Greenwich. The Free of Tie property was assigned on the remainder of a 30 year lease at a passing rent of £100,000 per annum., The landlord for the property is Greenwich Hospital.
Broken Foot Inns now operates five pubs, including the Theodore Bull Frog in Charing Cross, and the Three Guineas in Reading.
In 2008, Broken Foot Inns sold six assets to Faucet Inn Pub Company through Davis Coffer Lyons, from a package of six leasehold sites it acquired from them for £1.45m. Davis Coffer Lyons also sold The Boaters in Kingston Upon Thames for Broken Foot Inns to Capital Pub Company in 2008.
Paul Tallentyre, Director of Pubs at Davis Coffer Lyons, said, Greenwich is a hugely desirable location for pub operators, and this demand has been escalating further recently as a result of the Olympics, the reopening of the Cutty Sark, and the future developments planned for the area. Free of Tie leases are also highly sought after. Broken Foot Inns is actively looking to secure further sites and we are already on the look-out for more locations for them.