Half of freehold pubs sold for alternative use
Half of all the pubs sold by property agent Fleurets in 2010 were sold for alternative uses including housing and even lap dancing clubs.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?>
The company said it sold 33% more freeholds in the year to 30 September 2010 than in the previous year, with sale prices ranging from £20,000 to £1m.
Analysis of its sales showed that 58% of those sold for alternative use were sold for less than £200,000 and that 47% of ‘bottom end' pubs remained as pubs.
The most alternative uses were:
50% - Residential
14% - Retail
13% - Restaurant
10% - Offices
2% - Takeaway
2% - Warehouse/Builders Yard
2% - Dentists/Doctors/Vets etc.
5% - Others including: Museum, Car Park, Lap Dancing, Funeral Parlour, Gym, Guest House, Petrol Station, Health Spa, Hairdressers
Property focus on the north of England >>
Leasehold pub market has been ‘decimated' in past year, says Fleurets >>
