Enterprise Inns raises £12.15m in latest pub auction
Enterprise Inns has sold the freeholds to a number of its London pubs for £12.15m at another auction held in the capital.
The sell-off, hosted by Allsop, saw 10 pubs up for grabs, of which nine found new owners. The pubs are to be leased back by Enterprise on new 35-year leases. Existing tenants will remain in the pubs, and disposal proceeds from auction will be used to help reduce the group's debt mountain.
The overall yield for the properties sold is just under seven per cent. Two pubs went for more than the guide price, while one pub was sold after the auction and one remains available.
The remaining properties came within the guide price set by Allsop, although three pubs had had their guide prices lowered prior to the auction commencing, reflecting the tough market for such assets.
The pubs sold today were:
The Osteria del Ponte, Kilburn. Sold for £1.05m (guide price: £900k - £950k). Rental yield: 6.7 per cent
The Grand Union, Islington. Sold for £1.05m (guide price: £1m - £1.1m). Yield: 7.1 per cent
The Junction Tavern, Kentish Town. Sold for £1.03m (guide price: £975k - £1.08m, revised down from £1m - £1.1m). Yield: 7.3 per cent
The Dartmouth Castle, Hammersmith. Sold for £1.03m (guide price: £950k - £1.05m). Yield: 6.8 per cent
The Builder's Arms, Chelsea. Sold for £2.9m (guide price: £2.3m - £2.5m). Yield: 5.2 per cent
The Prince of Teck, Earl's Court. Sold for £2.34m (guide price: £2.25m - £2.35m, revised down from £2.35m - £2.55m). Yield: 6.8 per cent
The Prince of Wales, Clapham. Was sold after the auction for £785k. (guide price: £750k - £850k) Yield 7.6 per cent
The Hob, Forest Hill. Sold for: £935k (guide price: £875k - £975k, revised down from £900k - £1m). Yield: 7.5 per cent
The Constitution, Marylebone. Sold for £1.03m (guide price: £1m - £1.1m.) Yield: 6.8 per cent
The Stage Door, Waterloo. Unsold (guide price: £900k - £1m.) Available for £1m.
