Prestige puts six north London pubs up for sale

by Neil Gerrard, Friday 30th September 2011 13:47

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."

Flûte to open bar and lounge in London >>

The Caterer Interview - Mark Reynolds >>

Christie + Co to sell another 37 ex-Tchenguiz pubs >>

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

TabletalkIf 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.catererandhotelkeeper.com/tabletalk

Catererandhotelkeeper.com jobs

Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs

Blogs on Catererandhotelkeeper.com

Catch up with more news and gossip on all Caterer's blogs

E-newsletters

For the latest hospitality news, sign up for our E-newsletters

 


Featured video - for more, visit Caterer and Hotelkeeper’s YouTube channel >>

    Caterer and Hotel Keeper Jobs
    Most ReadLatest Articles
    Most ReadMost Viewed Articles
    Related Industry Resources
    Sign up to Caterer and Hotelkeeper
    Mobile Site
    Also on Caterer and HotelKeeper
    Blogs