Enterprise hope to raise further £11.3m at auction
Enterprise Inns is hoping to raise around £11.3m by undertaking a sale and leaseback on another 11 pubs at at an Allsops commercial auction on 19 October.
The company plans to sell and leaseback its first pub outside of London at the auction — a site in Windsor, Berkshire.
The 11 pubs have a total rent roll of £820,000. At its interim results in July, the group, led by chief executive Ted Tuppen, said it had sold 69 pubs for around £110m via its sale and leaseback programme, achieving a substantial profit over book value and an average yield of 6.4%.
The latest batch of pubs to be placed in an auction on a 35-year leaseback are:
• The White House, Highbury (guide price £850,000-£900,000 with a rent of £65,000 per annum)
• The Archers, Whitechapel (guide price £775,000-£825,000 with a rent of £60,000 per annum)
• Elgin Bar & Grill, Maida Vale (guide price of £1,150,000-£1,250,000 with a rent of £90,000 per annum)
• The Beaconsfield, Haringey (guide price of £900,000 to £950,000 with a rent of £70,000 per anum)
• Northumberland Arms, Kings Cross (guide price of £1m to £1,100,000 with a rent of £80,000 per annum)
• The Princess of Wales, Primrose Hill (guide price of £950,000 to £1m with a rent of £75,000 per annum)
• The Mall Tavern, Kensington ((guide price of £1,150,000 to £1,250,000 with a rent of £90,000 per annum)
• The Chesterfield, Bayswater (with a guide price of £1,100,000 to £1,200,000 with a rent of £80,000 per annum)
• "51", Windsor, Berkshire (guide price of £1,100,000 to £1,200,000 with a rent of £90,000 per annum)
• Dartmouth Arms, Forest Hill (guide price of £775,000 to £825,000 with a rent of £60,000 per annum)
• Prince Arthur, Camden (guide price of £750,000 to £800,000 with a rent of £60,000 per annum)
Enterprise Inns has also employed CB Richard Ellis to examine the possibility of selling groups of units to institutional investors.
In July, a spokesman for the group added: "The company has received a number of approaches from companies and institutions interested in acquiring small batches of pubs under the sale and leaseback programme and these are being evaluated."
