Pub company Prestige Group has put six of its north London pubs on the market.
The sale of the pubs will leave Prestige operating a small management company plus a handful of leasehold sites.
The pubs are a mix of freeholds and long leases, according to David Coffer Lyons, which is marketing the properties.
The largest of the properties for sale is the freehold of the Jewel, a detached former public house near Hendon in NW9, for which offers are being sought in the region of £1.6m. A pre-application has already been submitted for development including 33 residential units and retail space.
Other freehold pubs in the portfolio with vacant possession include the Devonshire Castle near Holloway Road, which has planning approval already in place for nine apartments.
Pubs with occupational leases in place within the portfolio include the Castle Bar on Camden Road in N7, which continues to trade and has 10-bedroom accommodation already available for £1m; The Corner Flag is another freehold opportunity with private accommodation and an occupational lease in place for £800,000; The King’s Head close to Hoxton in E2 for £775,000 with six bedrooms; and the Old Ivy is available on long leasehold with offers invited.
Paul Tallentyre, director of pubs at Davis Coffer Lyons, said, “Finding a good freehold property opportunity in London is one of the biggest challenges facing the market at the moment. It is therefore extremely rare and exciting for us to present several opportunities to the market at once.”
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
If you have something to say on this story or anything else join the debate at Table Talk – Caterer’s new networking forum. Go to www.thecaterer.com/tabletalk
Looking for a new job? Find your next job here with TheCaterer.com jobs
Blogs on TheCaterer.com
Catch up with more news and gossip on all Caterer’s blogs
For the latest hospitality news, sign up for our E-newsletters
Published by: The Caterer