Property agents optimistic for 2002 after bright start

The licensed property market is expecting to have a busy and successful 2002, according to agents.

Many licensed property agents are optimistic about the prospects of a buoyant year, based on the market performance at the end of 2001 and the first month of 2002.

Just six weeks into the new year many large deals have already been made, while the number of good properties on the market has increased.

Chesterton has sold the freehold of a bar in Southend on Sea, in Essex, to Regent Inns for a figure close to the asking price of £3m - without marketing the property.

Churchills bar and restaurant (pictured)​, which has recently been refurbished, is in the town centre and is close to the railway station and the seafront.

Regent Inns is expected to take advantage of the site's substantial planning permission and expand its terrace, before re-opening the bar under a branded name.

Andrew Whiteford, of Chestrton, said: "Our clients are delighted with the price achieved and also that we secured the sale without word of its availability getting out into the general marketplace.

"Even the staff were unaware of the transaction until advised by our clients after exchange of contracts."

Meanwhile in the North of England things are also looking good. Christie & Co's Manchester office had an excellent 2001 - and believes 2002 will be even better.

Despite the difficulties of foot-and-mouth disease in Cumbria, the area saw a 200 per cent rise in the sale of pubs in 2001 - one example was the Brotherswater Inn and Sykeside Camping Park on the Kirkstone Pass at Patterdale, which was sold off an asking price of £1.65m.

The agent anticipates the market will grow in 2002 because of the buoyant housing market and low interest rates.

This, according to Christie & Co, is particularly relevant to the leasehold pub market, where the vast majority of purchasers are first-time buyers who are selling domestic properties. A good leasehold market, however, does also lead to a strong freehold market.

Fleurets, too, is anticipating a good year in 2002. It began the year with a large number of new instructions all over the country, among them 66 from Voyager Pub Group.

The Voyager pubs are generally high barrelage and high turnover outlets that were previously run as managed houses and are now available on new 30-year leases.