Tenants Take The Bull by the Horns
February 4, 2015
The award-winning Bull Hotel in Wrotham, Kent, has been sold by Davis Coffer Lyons the leisure specialists – on behalf of the real estate investment arm of Albanwise Ltd to its existing tenants for £775,000.
The Bull was originally being marketed as an investment opportunity subject to the occupational lease, however, the tenants secured the freehold for themselves. This is the second site in a three pub portfolio that Davis Coffer Lyons has sold having completed the sale of The Bull in Stanford Dingley. The Crown at Broughton is currently available for £425,000 representing a net initial yield of 6.68%. The Bull Hotel sale sold off a net initial yield of 7.65%.
The new owners originally became tenants of The Bull Hotel in 2008 and have carried out extensive refurbishment, restoring many of the original features of the former inn which is believed to date back to the 14th Century – and installing modern facilities throughout. In the restaurant, the menu has been completely revamped offering modern British cuisine prepared using the highest-quality seasonal produce – where possible sourced from local producers.
The Bull now has a Two AA Rosettes and a listing in the Michelin Guide 2015 as well as the four AA Star Accommodation rate.
Chris Bickle, Associate Director at Davis Coffer Lyons said: Against a background of improving investment conditions, the tenants demonstrated a fierce determination to secure the freehold. There was substantial interest from investors, however, with a great deal of support from the landlord, Albanwise, they were successful ensuring a great outcome for all involved.”