Sale Completed on The Star in Dartmouth Park
June 13, 2012
Davis Coffer Lyons (DCL) has completed the disposal of The Star pub in North West London off an asking price of £80,000.
DCL acted on behalf of the vendor, multiple operator Neil Gregory, who owns The Royal Oak in Shoreditch and The Spurstowe in Hackney. Gregory formally owned Home in Shoreditch, which was also sold by DCL four years ago.
The Star is the first leisure property acquisition for Hadengrove LLP headed up by Duncan Watson-Steward, who leaves his position running a gastro pub in Belsize Park. Previous other roles include running a 1,400 capacity venue in Leeds and restaurants in Shoreditch.
The Star is a Victorian public house comprising 2,000 sq ft trading space including a first floor function room, enclosed beer garden and balcony terrace. The property also includes three-bedroom accommodation in a densely populated residential area between Dartmouth Park and Highgate Village in North London. The business currently composes 65% wet sales and 35% dry sales and has a 12:30pm licence. The premises are held on the remainder if an Enterprise Inns lease from June 1999 at a passing rent of £35,500 per annum.
Watson- Stewards aim is to create a welcoming pub for the wider community serving fresh food at reasonable prices. Externally, refurbishment included stripping back some seven layers of paint off the pub to reveal the old tiles whilst additional internal work to bar and gardens endeavours to create a cosier environment.
Chris Bickle, Associate Director at Davis Coffer Lyons Pubs Team, says. The Star is in many ways an ideal first business for an owner-operator with experience of the local area. The Star has carved out a great reputation as a quality neighbourhood pub over the years and sits in a good catchment area.
North of the river, Davis Coffer Lyons has also recently completed a deal at The Compass in Islington to Bar Chocolate Ltd, operators of Islingtons successful Elk in the Woods pub-restaurant on Camden Passage.