Property briefs
- Punch Pub Company is continuing on the acquisition trail purchasing three pubs from Mill House Inns for £1.7m. The pubs include the Mill at Worston in Stafford, the Beef and Barge in Bradford-on-Avon, Wiltshire, and the Ashford Arms in Bakewell, Derbyshire. Punch has also purchased the 14th century George IV inn at Upper Cwmtwrch, Swansea Valley, Carmarthenshire, from a private vendor for a price of £300,000. The purchases are part of Punch's roll-out strategy and will take its portfolio to 4,484. Since August Punch has purchased 198 pubs through both one-off acquisitions and package deals.
Montpeliers (Edinburgh) Ltd has sold its two-strong café-bar brand Favorit to focus on its individual bars such as Rick's and Iguana. The two sites in Leven Street and Tevoit Place in Edinburgh have been sold as going concerns to businessman Dave Clark in a deal worth £425,000. This is Mr Clark's first solo venture into the bar trade and he plans to roll-out more Favorit sites.
The Fortescue Arms in Mortehoe near Woolacombe, Devon, has a prominent location on the road between the two towns of Mortehoe and Woolacoombe. The 3,500 sq ft site has a main bar which links with a steak bar, fast-food restaurant and a themed restaurant carvery. The pub also has nine letting rooms, owners' accommodation and is being sold with all trade fixtures and fittings. Cowling Commercial is handling the sale of the freehold which is available for £475,000. Call 01271 375555.
Honeycombe Leisure has sold 12 of its freehold sites to Punch Taverns for £11.72m. Under the terms of the deal Honeycombe will continue to run the pubs on a 20-year lease. Honeycombe is to make more disposals of trading units that are producing below average returns. It has four sites up for sale with a price tag of £2m. These include the Hare & Hound at Ballard Bridge, the Golden Fleece at Brampton near Hadrian's Wall in Carlisle, the Sun at Kirkby Lonsdale and Inn Sane, a young persons venue, in Leeds city centre.
Vodka Bar Management, the owner of the Babushka chain, has purchased the former Fulmer & Firkin in Parker Street in London's West-End. The 3,972sq ft site was sold at a rental of £115,000 per annum for a new lease starting in July 2002, after agent AG&G asked for offers in excess £87,500 per annum.
Scottish & Newcastle Pub Enterprises has purchased the freehold of the Ship Inn at Badcox, Frome, Somerset, for £265,000. The pub is to reopen in April as a community local following major alterations and a refurbishment. The purchase is part of the company's ongoing acquisition strategy of cherry picking individual and groups of sites in suitable locations. Moore Wood & Cockram handled the sale.
Riverside pub the Red Lion has a main trading area of 1,625sq ft and has many original features including a heated conservatory and a terrace with seating for 80. Situated on Riverside Walk in Norwich it is close to the law courts, the cathedral and the yacht station. The property has its own slipway to the river and the benefit of parking for around 30 cars. The leasehold pub is currently run under management and the site has a strong potential to develop the food side of the business. It is held on a 20-year lease from July 2001 and has a rent of £15,000 per annum. Offers of £95,000 are being sought for the lease. Guy Simmonds is handling the sale. Call 01603 761380.
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