Freehold of Brighton's North Laine Brewhouse brought to market

The freehold of North Laine Brewhouse in Brighton has been brought to the market with a guide price of £5m.

The ground floor and basement of the four-story, city-centre building is leased to Laine Pub Company, a subsidiary of Peach Pubs. Above are eight flats let on assured shorthold tenancy agreements.

The building, on the corner of Gloucester Place and Gloucester Street, has been brought to market by Fleurets, with a guide price equating to £251 per sq ft.

The vendor is Gloucester Enterprises, which purchased the freehold in 2000, when it traded as Gloucester Nightclub and Gloucester Mansions. The pub was leased to the Laine Pub Company shortly afterwards. Fleurets has said there is potential for further development to the rear of the site.

The vendor's directors said it was being sold as they approached retirement.

Elysia Wilson-Gunn, divisional director of Fleurets London, said: "We expect strong levels of interest due the potential value-add gain in this sale.

"Alongside an income of £135,000 p.a. from Laine Pub Company for a further eight-and-a-half years, there is the ability to increase the rents for the eight flats above which currently stands at £118,800 p.a. Additionally there is potential to develop the upper parts to the rear of the site to create extra flats."