DCL Completes Sale of The Hill in Belsize Park
April 13, 2011
Free-of-tie pub, The Hill, in Belsize Park has today been sold by Davis Coffer Lyons on behalf of Bruce Bars Ltd.
The pub, located on Haverstock Hill, London NW3 2BD, has been bought by multiple operator Michael Parker of Westcoast Concepts, owner of restaurant-bar-cinema The Exhibit in Balham, London SW12.
The pub was secured on the remainder of a 25 year lease expiring 2027 at passing rent of £88,000 per annum, and with a premium of £100,000. The property comprises ground floor and basement lock up bar with beer garden to the rear of the property. The upper parts have been sold for residential occupation.
The new owner will be looking to operate a new restaurant-bar concept at the premises, which is located close to nearby Pizza Express, Sir Richard Steel public house, Gourmet Burger Kitchen, Black & Blue, Starbucks and Costa.
Paul Tallentyre, Davis Coffer Lyons who advised Bruce Bars, said: We are experiencing an ever-increasing demand for free of tie leases in the current market, for which companies are willing to pay good premiums.