Scottish and Newcastle Pub Enterprises (S&NPE) has sold landmark London pub the Star and Garter for £3.4m.
The pub, which sits at the start line of the Oxford vs Cambridge Boat Race at Putney Bridge, London, sold last week to a property investor through commercial real estate firm Jones Lang LaSalle.
Although it exceeded the auction guide price of £3m, the pub had originally been placed on the market in July with AG&G for £4m.
Richard Auterac, auctioneer at Jones Lang LaSalle, said: "There were several interested bidders for this property on the day and the auction room witnessed the strongest buyer demand we've seen in two years, highlighting the growing attraction to commercial property investment.
"With a surge in demand for superior properties like this, coupled with a shortage in supply, prices in the auction room have now started a rapid recovery process and the era of picking up bargains at the prime end of the market may well be over."
Glendola Leisure holds a lease on the building until 2026, and pays an annual rent of around £97,000.
The pub includes a ballroom, 14 bedrooms and a roof terrace as well as ground floor and basement bars.