Ye Olde Red Cow is sold

Property investment group Structadene has bought Ye Olde Red Cow, the oldest pub in London's Smithfield Market.

The small gastropub in Long Lane was sold through property agent AG&G on behalf of Kent-based brewer and pub operator Shepherd Neame.

It went for substantially more than the £795,000 asking price.

Ye Olde Red Cow dates back to 1848 but there has been a pub on the site since the 15th century.

Structadene has also bought second pub in Long Lane, the Barley Mow, from a private owner.

Both pubs were vacant at purchase but Structadene director Daniel Parnes believed there would be no problem finding tenants because "they are in an interesting location that is becoming fashionable".

Since its formation in 1978, Structadene has built up a portfolio of about 60 pubs and hundreds of restaurants, which it leases to tenants.

It also owns offices, shops and houses.

By Angela Frewin

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