Pubs Team Kicks Off 2012 with Two London Deals
January 11, 2012
Davis Coffer Lyons Pubs team has started 2012 with the completion of two pub deals in London.
On behalf of Young & Co Brewery, Davis Coffer Lyons Pubs team has completed the freehold sale of The Stinging Nettle in Shepherds Bush, W12. The property has been purchased by PPR Estates for development use. PPR Estates has raised significant funds and are looking for other opportunities in London.
The Stinging Nettle is a three storey, two bar operation opposite Goldhawk Station and close to Shepherds Bush Market. The site has been sold with vacant possession. PPR Estates plans to convert the upstairs of the property for residential use, and the ground floor and basement for alternative commercial use and investment. Total site area is approximately 3,200 sq ft.
Davis Coffer Lyons Pubs team has also assigned the leasehold interest of the Three Crowns in Stoke Newington to multiple pub operators Bruce Bars. A premium of £380,000 was paid for the Enterprise Inns Lease with a passing rent of £55,000 per annum. Bruce Bars are looking to add to their portfolio and will consider freehold or leasehold sites in London.
Bruce Bars, run by Michael Nicholas, already owns and operates eight pubs in the North London area including The Pub on the Park in London Fields, as well as The Enterprise and The Monarch in Camden.
The Three Crowns is a Victorian pub is located in one of Hackney’s most popular residential areas, on Stoke Newington High Street, a spacious corner pub which comprises 2300sqft on ground floor with substantial accommodation above.
Paul Tallentyre, Director of Pubs at Davis Coffer Lyons, said: Multiple operators with a strong cashflow will continue to snap up sites as we enter 2012. We expect to see Punch Taverns and Enterprise Inns continue to offload sites which will cause welcome movement in the market. The London pub market remains very buoyant and high premiums are continuing to be paid for good London assets although outside of London we expect the market remain very challenging for some time to come.