DCL Brings Six Freehold Pubs to the Market in London
September 30, 2011
Davis Coffer Lyons Pubs Team has been instructed by the Prestige Group for the sale of a portfolio of six freehold and long leasehold properties for individual investment and development opportunities.
The pubs, which are located in North and North West London, are available with guide prices between £700,000 and £1,600,000 and are available offering either vacant possession or with occupational leases in place. Many are substantial properties but all have private accommodation available.
The largest of the properties for sale is the freehold of The Jewel, a detached former public house near Hendon in NW9, for which offers are being sought in the region of £1,600,000. A pre-application has already been submitted for substantial development including 33 residential units and retail space.
Other freehold public houses in the portfolio with vacant possession include The Devonshire Castle near Holloway Road, which has planning approval already in place for nine apartments.
Pubs with occupational leases in place within the portfolio include The Castle Bar on Camden Road, N7 which continues to trade and has ten-bedroom accommodation already available for £1m; The Corner Flag is another freehold opportunity with substantial private accommodation and an occupational lease in place for £800,000; The Kings Head close to Hoxton in E2 for £775,000 with six bedrooms; and The Old Ivy is available on long leasehold with offers invited.
Paul Tallentyre, Director of Pubs at Davis Coffer Lyons, said, Finding a good freehold property opportunity in London is one of the biggest challenges facing the market at the moment. It is therefore extremely rare and exciting for us to present several opportunities to the market at once. The public houses which are being sold for development prospects are in some excellent locations which offer fantastic opportunities for residential and commercial development as well as some with short or medium term rental income from those which are still trading.
The sale of the pubs will leave Prestige operating a small management company plus a handful of leasehold sites.