Trading places

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Freeholds may be scarce, but they are still out there. Michelle Perrett selects three examples on the market.Two thirds of licensees that want to buy...

Freeholds may be scarce, but they are still out there. Michelle Perrett selects three examples on the market.

Two thirds of licensees that want to buy a new pub this year are looking for a freehold, says the Market Report 2004. The survey of over 700 licensees also revealed that a majority - 79 per cent - of the licensees who are most keen to stay in their pub are freeholders. With pubcos on the acquisition trail with a seemingly inexhaustible access to money, it is becoming increasingly hard for licensees to get their hands on a decent freehold.

This month property agent Christie & Co has reported that half of its pub sales in the Home Counties are now leasehold properties. Simon Chaplin from Christie & Co said: "The lack of freehold sites on the market and the fact that leasehold properties are cheaper to buy is boosting their saleability."

But if you are set on a freehold, don't despair. There are still some good deals out there.

The Brook House Inn, Castle Cary, Somerset

Licensees keen to take on a pub in Somerset can go for the Brook House Inn in Castle Cary for £485,000.

Castle Cary is a small town from where many people commute by train to London or the West Country.

The pub is well supported by the local community with five skittles and darts teams. It has also established itself as a catering pub with a 60/40 split in favour of food.

Popular with the elderly, the pub offers OAP lunches on Thursdays and a two course fish meal on a Friday for £6.50. It is a two-storey property with a function room, skittle alley and a car park. The trading area is open plan with beamed ceilings, part-exposed stone and timber walls and open fireplaces. It has an L-shaped bar and dining room that can cater for 50 people.

The pub has a licensed caravan park and planning consent for six en suite letting rooms. The first floor owners' accommodation has two double bedrooms, an office/bedroom, a lounge/diner, a kitchen and a bathroom.

Price: £485,000
Agent: The Stonesmith Partnership
Tel: 01392 201262

The Gordon Inn, Yarrow, Selkirkshire, Scotland

The 19th century Gordon Inn in Yarrow, Selkirkshire, was reportedly a meeting place between Scottish literary giants James Hogg and Sir Walter Scott in the 1820s.

The historic property has six bedrooms, a 16-bed bunkhouse, lounge bar, dining room with 20 covers, small function room and a two-bedroom flat. It has also undergone a major refurbishment and redecoration programme.

The site also has planning permission for an arts and craft shop and a three-bedroom bungalow, which is available to purchase separately. It is thought it would be ideal for a husband and wife team.

Price: £320,000
Agent: Christie & Co
Tel: 0131 551 6666

The Pint & Post, St Giles-On-The-Heath, Devon

A pub singled out by Prince Charles for helping to revitalise village life has come onto the market. The Pint & Post in the village of St-Giles-On-The-Heath on the Devon and Cornwall border is 250 years old and incorporates a tearoom and bar with a separate post office.

The pub hit the headlines when it was opened by television personality Noel Edmonds in August 2001. Four months later in a report compiled by the Countryside Agency it was highlighted as a project that had revitalised village life.

The bar has fixed-bench seating to cater for 16 customers and the tearoom caters for 10 people.