Enterprise Inns raises £9m in latest pub auction sell-off

Enterprise Inns has raised £9.25m today by selling at auction the freeholds of seven of its London pubs, which it then promptly leased back on new 35-year leases.

Two of the nine pubs put into the auction weren't sold, one being withdrawn while the other is still available. The pubs sold through auctioneers Allsop are:

The White House, Highbury, North London. Sold​ for £870,000 (guide price of £850,000 to £900,000; annual rent payable by Enterprise Inns of £65,000; yield: 7.47 per cent:)

The Archers, Whitechapel, East London. Sold​ for £810,000 (guide price: £775,000 to £825,000; rent payable £60,000; yield: 7.4 per cent)

The Elgin Bar & Grill, Maida Vale, North London. Sold​ for £1.46m (guide price: £1.15m to £1.25m; rent payable £90,000; yield: 6.16 per cent

The Beaconsfield, Harringay, North London. Withdrawn​ from sale (guide price: £900,000 to £950,000; rent payable £70,000)

The Northumberland Arms, King's Cross, London. Sold​ for £1.07m (guide price: £1m to £1.1m; rent payable: £80,000; yield: 7.47 per cent)

The Princess of Wales, Primrose Hill, North London. Sold​ for £1.59m (guide price: £950,000 to £1m; rent payable: £75,000; yield 4.7 per cent)

The Mall Tavern, Kensington, West London. Sold​ for £1.79m (guide price: £1.15m to £1.25m; rent payable: £90,000; yield: 5.02 per cent)

The Chesterfield, Bayswater, West London. Sold​ for £1.66m (guide price: £1.1m to £1.2m; rent payable: £80,000; yield: 4.8 per cent)

The Dartmouth Arms, Forest Hill, South London. Unsold ​- still available at £820,000 (guide price: £775,000 to £825,000; rent payable: £60,000)

Prior to this latest auction process Enterprise had raised more than £110m through selling the freehold interest of more than 70 pubs located in the capital, which it then leased back. The funds have largely been used to pay down the group's debt.

The pubco has said it plans to raise further funds by such auctions in the coming months, with the next sell-off as early as tomorrow [Wednesday], when it plans to auction four more London pubs through Cushman and Wakefield.