The first assignment of a former Spirit pub converted to lease by Punch has been completed for around £400,000 - four times the price that the vendor paid to buy the lease a year earlier.
The sale will comfort lessees of the former Spirit pubs that a very strong market exists for assignments.
Punch began converting around 750 Spirit pubs to lease a little over a year ago - agent Christie & Co is close to completing 600 of them.
Personal circumstances forced the original Punch lessee of the Grange in Wallington, Surrey, to seek permission to assign after less than 12 months - within the two-year non-assignable period.
The pub was originally acquired off an asking price of £113,000 and lessee undertook substantial refurbishments to establish the pub as destination gastropub.
Christie & Co marketed the pub with offers invited in excess of £400,000 - after numerous bids the lease was assigned.
Christie & Co director and head of public house Colin Wellstead said: "The Grange sale is one of the highest prices achieved for a lease, confirming the strength of the second-generation lease market and encouraging the many licensees to whom new leases have been granted."