Premium Paid for Closed Bar in Farringdon
December 11, 2013
A substantial premium has been secured by DCL – the leisure specialists – on behalf of Baragain Ltd for The Plum Tree in Farringdon, which was sold as a closed site to Establishment HM Limited.
The desirable Grade II listed building has an open plan bar and separate function room on the ground floor with a further bar in the basement, fully fitted kitchen and customer WCs. It also benefits from a 3am licence Monday to Saturday and a midnight licence on a Sunday.
The pub is in a prominent position on Farringdon Street, surrounded by a host of multinational businesses. There is considerable construction activity in the area including the new Farringdon Crossrail station, which is under construction and Goldman Sachs is shortly due to redevelop a nearby site for its European headquarters.
Establishment HM Limited have purchased a 25 year Free of Tie lease with 17 year unexpired.
Charlotte Wild at Davis Coffer Lyonssaid: We have said for some time that the London market has been extremely buoyant and this deal highlights how strong it really is. It is traditionally incredibly difficult to find buyers for vacant pubs and bars. However, The Plum Tree shows this is – in certain areas – no longer the case and even though it has been closed for some time we still managed to achieve a great premium.