DCL Completes Sale of King’s Head in East London
November 22, 2011
Davis Coffer Lyons Pubs Team has completed the first sale of the six freehold and long leasehold properties for sale on behalf of landlords, Prestige Group.
The sale of the Kings Head pub on Kingsland Road, London E2, was completed to a private buyer who currently owns Cargo nightclub and late night bar, The Redchurch, both in Londons Shoreditch. Davis Coffer Lyons invited offers for The Kings Head in excess of £775,000.
Paul Tallentyre, Director of the Pubs team 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 and we are really pleased to announce the first sale quickly after going to market. Kingsland Road is benefitting from the buzz being created just south in Shoreditch where occupier demand for leisure and retail space is high and the arrival of Box Park, the first British pop-up mall next month in Shoreditch, has propelled the attraction of this area even further.
The remaining pubs in the Prestige portfolio are investment and development opportunities located in North and North West London, with guide prices between £700,000 and £1,600,000, offering either vacant possession or with occupational leases in place. Many are substantial properties and 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; and The Old Ivy is available on long leasehold with offers invited.
Wogman and Partners advised the buyer.