DCL Delivers Two New Pub Sites to Burgeoning Inn Brighton
February 6, 2012
Davis Coffer Lyons Pubs team, has secured the leasehold interest of two free-of-tie London pubs, The Britannia in Hackney and the Crystal Palace Tavern (CPT) in East Dulwich, bought by multiple pub operator, InnBrighton Ltd.
At The Britannia, on Victoria Park Road in E9, the existing lease was assigned for an undisclosed premium. Davis Coffer Lyons acted on behalf of the private leaseholders to dispose of the asset on a confidential off-market basis. The Britannia is located one mile from the main London 2012 Olympic site, in a mainly residential area on the northern edge of Victoria Park. The substantial detached Victorian pub has a large ground floor trading area with first floor function room totalling over 3,000qsft and two 2-bed private flats. The rear beer garden is one of the largest in East London and overlooks the park.
At The CPT, Davis Coffer Lyons acted for the private landlord, and a new lease was created after the property was advertised on the open market. The CPT was one of the few remaining fully wet pubs in the increasingly upmarket borough of East Dulwich. The three-storey detached pub occupies a corner location in a residential area behind Lordship Lane, SE22. The pub has many original features including an ornate mirror back bar and traditional lounge area with six-bedroom accommodation.
Chris Bickle, Associate Director at Davis Coffer Lyons Pubs team, said, There is a fierce demand for free of tie pubs in good areas of London and the interest generated by both of the pub sales supports that. Both of the sites have very unique qualities and growth potential; ideal for an operator of InnBrightons experience.
On the companys acquisition programme, Executive Chairman Gary Pettet commented InnBrighton looked outside Brighton for its two most recent H1 acquisitions, securing free-of-tie leases on the Britannia in Hackney and the CPT in East Dulwich. There are areas of London which share certain of Brightons lively, bohemian character where we feel the success we have achieved with our existing 45 sites can be replicated. Pettet has been focusing on acquisitions and the companys expansion into the capital, aiming to build an estate of 25 sites.