Alternative-use pub sales boost
Pubs selling for alternative use are being snapped up by buyers from other commercial sectors such as retail operators and car dealerships.
That's according to Neil Morgan, head of pubs at agents Christie + Co, who says the trend has come about despite the fall in interest from residential developers.
Uncertainty and a lack of activity in the residential market has hit pubs and restaurants destined for alternative use hard over the last 12 to 18 months.
But the agent now says these developers have been replaced by other commercial sectors who are taking advantage of lower freehold values to swap renting space for acquiring their own premises.
Morgan said: "Freehold prices are at a level were there is a negligible difference between renting commercial business space over a long period of time and acquiring your own site, therefore we are continuing to see strong demand from other commercial sectors for vacant pub and restaurant sites.
"Theses sites generally tick all the right boxes for commercial buyers, either located on high streets or in densely populated residential areas, and featuring large ground floor space and car parking."
