News Article Comments : JDW asks for 30% drop in freehold prices

JD Wetherspoon (JDW) has been asking vendors of freehold property to drop their prices by up to 30%.

The company says it is looking for a “meaningful correction” on prices, following a significant fall in commercial property values.

The move is a dramatic example of the weak state of the commercial property market, with buyers able to flex their muscles when dealing with vendors who are very keen to sell.

The company has instructed its sub-agents, who negotiate with vendors, to adopt a more aggressive strategy designed to net new properties at more realistic rates.

The pub group expects to open around 30 new pubs this year, but revealed it has about 100 target properties in its sights at any one time.

One vendor, who has been in talks with JDW for many months, reports that the company suddenly dropped its offer price by 30%.

Chief executive John Hutson said: “We do not want to find ourselves chasing freehold properties in what is a falling market, especially when you consider ren