Premium Secured for Pub in the Shadows of Battersea Power Station
April 25, 2014
The Duchess public house, which stands in the shadows of Battersea Power Stations iconic chimneys, is under new ownership after Davis Coffer Lyons – the leisure specialists – secured an assignment of the leasehold to Wraith Trading Limited for an undisclosed sum.
Wraith Trading Limited – which is headed up by experienced pub operator John Wraith – also owns the freeholds of The Crown in Chalfont St Giles – which is currently being redeveloped for investment purposes the Phoenix Steeple Claydon, Buckinghamshire and the Masons Arms (free-of-tie leasehold) in W1. The acquisition of The Duchess is part of the companys strategy to build an estate of pubs in London and Home Counties. These plans also include the sale of The Old Swan in Cheddington, Buckinghamshire, which is currently for sale through DCL on a freehold or leasehold basis.
The 1930s Battersea Power Station – immortalised by Pink Floyds album cover – is the centre of a major regeneration scheme which will see hundreds of new apartments – the first 830 of which sold out in just three weeks – along with shops, restaurants and bars.
The detached public house was built in circa 1883 with an L-shaped trading area on the ground floor, central servery, WCs and a trade kitchen with preparation area to the rear. The first floor has a separate bar, office, WCs, storage and function room with a terrace overlooking Battersea Power Station. Owners accommodation is on the third floor with three double bedrooms, reception and bathroom. There is also a 1,033 sq ft beer garden.
Chris Bickle Associate Director at Davis Coffer Lyonssaid: As we have regularly reported, free-of-tie venues all over London are attracting good premiums and this deal is no different. Although The Duchess is in need of investment and repositioning, it is in an incredibly attractive proposition, which is enhanced by the vast amount of high profile development projects in the Battersea and Nine Elms area stretching all the way to Vauxhall
Susan Scott of Downs Solicitors LLP acted for the vendor.