Punch sells off eight freeholds

A Nottingham auction has succeeded in selling the freeholds of eight Punch Taverns pubs, part of the batch of pubs previously identified for disposal.

Heb property consultants, who conducted the auction, sold three of the pubs prior to auction, four on the day and one afterwards.

Of the four that sold in auction, two sold for more than the guide price, while two came in under it. The Langold Hotel, near Worksop in Nottinghamshire, was sold for £135,000 off a guide price (GP) of £110,000-£125,000; the St Vincent Arms, Norton Disney, Lincolnshire, sold for £210,000 off a GP of £190,000; the Crescent Inn, Derby, sold for £100,000 off a GP of £140,000; while the Wheatsheaf, Long Eaton, Nottinghamshire, sold for £100,000 off a GP of £125,000.

The Three Crowns in Bulwell, Nottinghamshire, sold after the auction closed for an undisclosed sum, off a GP of £165,000.

The three pubs that sold prior to auction were the Wellington Hotel, Ashbourne, Derbyshire (GP of £200,000); the Crown, Cheadle, Stoke-on-Trent (GP of £85,000-£100,000); and Ranby's in Derby (GP of £115,000).

The Broken Wheel in Retford, Nottinghamshire (GP of £210,000-£225,000), and the Heathfield, in Nottingham, (GP of £140,000) are still available.

Auctioneer Matt Hilton described the auction as highly successful, and said: "The room was absolutely packed, there were 300 people there. Interest was strong; the majority will be kept as pubs. The Langold and the Crown were sold as development sites. The indication is that when properties are priced well in this market, they will sell."