London-based pub company Young's has sold the freehold of the Stinging Nettle pub in Shepherd's Bush W12.
The deal, brokered by Davis Coffer Lyons, sees PPR Estates take on the site for development use.
The Stinging Nettle is a three-storey, two-bar operation opposite Goldhawk Station and close to Shepherds Bush Market. 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.
Meanwhile, Davis Coffer Lyons's pubs team has also assigned the leasehold interest of the Three Crowns in Stoke Newington to multiple pub operator 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, 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.
Paul Tallentyre, director of pubs at Davis Coffer Lyons, said: "Multiple operators with a strong cash-flow 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."
By Neil Gerrard
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