Mini boom for 'realistically priced' Manchester freeholds
Sales of freehold pubs in Greater Manchester are skyrocketing, according to property agent Christie & Co. The agent believes the influx of "realistically priced" freehold properties from a range of pub company and corporate disposals means that many sites are not trading to their full potential.
This, the agent argues, has led to sites hitting the market at decent prices designed to en-courage a quick sale.
For smaller, locally-based multiple operators there are a range of pubs available with scope for them to improve the offering in these venues. Even urban pubs, which people think would suffer with the introduction of a smoking ban, are selling with operators seeing the potential.
"These pubs are realistically priced because there is limited trade on them," said Keith Stringer, licensed negotiator for Christie & Co. "The town centre is now relatively saturated so people are looking at some of the satellite towns round Manchester.
"Smaller multiples and local pubcos are taking advantage. These people already have licensed premises in the local area," he added.
Towns such as Oldham and parts of Manchester, for example, such as the city's north side, are much cheaper and are attracting more local buyers.
Some pubs have sold within days of being put on the market and even marginal properties are selling for figures exceeding the guide price.
For example, the Buck & Union in Oldham and the Hat & Feathers in Manchester were sold within a week of being advertised.
However, while freeholds are selling well in the area, leases are still sought after. "The high-volume leases with a good turnover are still popular," added Mr Stringer.
Pictured: the Buck & Union was sold within days of being advertised.
