Property briefs
- Welsh pub company Celtic Inns, which is owned by electronics millionaire Sir Terry Matthews, has purchased 44 tenanted pubs from James Williams Narberth estate. The acquisition is part of the company's development plan which will see it expand to up to 300 tenancies over the next three years. In March it acquired nine pubs from pub company Tomos Watkin. The company now has 52 pubs - 49 tenanted and three managed.
Sale in Greater Manchester is to open two new leisure units, which have been partly funded by a private finance initiative scheme (PFI).The mixed-use development will also include 55,000sq ft of office units and a 600-seat arts and theatre centre. The leisure premises include two ground floor units totalling 5,800sq ft and 7,400sq ft, which can be divided into two or three smaller units. Jeremy Rubin & Co is handling the lettings which are being offered at £17.50 per sq ft. Call 01204 361555.
Grade II-listed building the Fox Inn is up for sale for the first time in 37 years. The pub in Corscombe, West Devon is 12 miles from Bridport. It has a strong reputation for its food having one AA rosette and was recently voted Les Routiers south and southwest Dining Pub of the Year. Dating from 1620 it used to trade as a cider house. Offers are being invited for £750,000 against a turnover for this year of £429,000 excluding VAT. Bettesworths is handling the sale. Call 01803 212021.
Rockgarden Ltd, the London based restaurant/bar company, has taken the leasehold of two West-End sites from wine bar chain Corney & Barrow. The company paid a premium of £275,000 for the existing 25-year lease, which started in December 1998. Rockgarden will fit the premises out as a contemporary lounge bar and restaurant.
Enterprise Inns has bought the Sir Walter Raleigh pub in East Budleigh for an asking price of £295,000. Enterprise plans to retain the character of the property while developing the rear of the pub into an outside drinking area. The pub has a strong reputation for its food which accounts for 50 per cent of its turnover. The Stonesmith Partnership handled the sale.
Regent Inns is to convert the former Robins cinema in Durham into a Walkabout, its Australian-themed bar. The venue is expected to open in June 2003 following its success in getting both a full on-licence and special hours certificate. It will be the second Walkabout to open in the north-east following its first in Middlesbrough last December.
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