Laine’s flagship Brighton pub building on market
The grand site that occupies the corner between the city’s Gloucester Place and Gloucester Street is home to North Laine Brewhouse.
The four-storey property has been put up for sale by leisure property estate agent Fleurets, which is looking for offers of £5m for the freehold.
Laine Pub Company, which operates 33 pubs in Brighton and a further 22 across London and Birmingham, is a wholly-owned indirect subsidiary of Punch Pubs & Co.
The vendor of the building, Gloucester Enterprises, took a 20-year lease on the Gloucester Nightclub and Gloucester Mansions in 1989. The nightclub was something of a maverick in that it was a club with no membership, no dress code and sold drinks at pub prices.
Eclectic estate
The freehold was purchased in 2000 and almost immediately the club was leased to the current tenant that still has it operating as the North Laine Brewhouse.
On the reason for now selling the freehold, the directors stated that retirement is appealing and perhaps overdue.
Laine Pub Company CEO Gavin George said: “The North Laine Brewhouse is a flagship site in Laine’s eclectic estate of Brighton pubs and is the birthplace of Laine’s exciting range of craft beers.
“While demand for our core range of beer means we now operate a 20,000hl brewery away from the North Laine Brewhouse, all our NPD, seasonals and specials are brewed here, and the pub is the embodiment of the inspiring pub and beer experience, Laine is known for.
“Our operation of the North Laine remains unaffected by the sale of the freehold of the building and we look forward to trading here in the heart of Brighton for many years to come.”
Potential for rental growth
Fleurets added the freehold offers the ground floor, basement and unit that are currently used by Laine with a rent valuation of £135,000 per annum; eight flats above Laine’s ground floor with a rent valuation of £118,800 per year; potential for rental growth on residential units; and a development opportunity on the rear of the site.
Fleurets London divisional director Elysia Wilson-Gunn said: “We expect strong levels of interest due the potential value-add gain in this sale.
“Alongside an income of £135,000 per annum from Laine Pub Company for a further 8.5 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.”
