Mitchells & Butlers puts three freehold pubs on the market

13 November 2009
Mitchells & Butlers puts three freehold pubs on the market

Pub giant Mitchells and Butlers (M&B) has put three of the freeholds of its London tenanted pubs on the market for £4.65m.

The move comes a few months after Enterprise Inns sold six of its freeholds to two companies , and in the same month that the Star and Garter pub in Putney was auctioned for £3.4m, suggesting a strong market.

M&B said it was selling the Lansdowne in Primrose Hill, the Hour Glass in South Kensington and the Northumberland Arms on Goodge Street because the properties "no longer fit its portfolio". The properties are expected to be sold to individual investors and the leases will remain in place and vary between ten and fifteen years in length.

Andrew Cox, director of property at M&B, said: "These properties are all run on leases at the moment and we are selling the freeholds subject to those leases. Once sold M&B will have no ongoing interest in the sites.

"They are not a long-term fit for our leasehold activity going forward and the investment market is strong at the moment."

The pubs are on the market with Wimpole Property Consultants, with offers over £1.25m invited for both the Hour Glass and the Northumberland Arms and offers over £2.15m for the Lansdowne.

See our round-up on pub and bar stories >>
Pub starting-point for University Boat Race auctioned for £3.4m >>
Pubs and bars try out new ideas to beat recession >>

By Rosie Birkett

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