Enterprise Inns sells more freeholds in sale and leaseback deal
Enterprise Inns has raised £7.3m in the latest auction of a number of its freehold pub interests.
A total of 12 freeholds were in the auction, conducted by Allsop, and in the event all had been sold the Solihull-based pubco would have been looking at proceeds of close to £11m.
Seven were sold for £7,335,000 and four went unsold and remain available. One - the Empress in Harrogate - was withdrawn from sale prior to the auction commencing.
The total rent roll for the sold pubs amounts to £465,000 a year. The pubs are being leased back to Enterprise on new 35-year leases with five-yearly rent reviews.
The pubs that were up for grabs were:
The Duke's Head, Richmond-on-Thames. (Guide price: £1m - £1.1m) Sold for £1.31m. Rental yield: 5.73 per cent
The Weavers, Islington, London. (Guide price: £775,000 - £825,000) Available at £810,000. Annual rent: £60,000 pa
The Norwood Hotel, West Norwood, London. (Guide price: £850,000 - £900,000) Available at £875,000. Annual rent: £65,000 pa
The Duke of Sussex, Waterloo, London. (Guide price: £700,00 - £750,000) Sold for £890,000. Rental yield: 6.18 per cent
The Star, Archway, London. (Guide price: £&00,000 - £750,000) Sold for £735,000. Rental yield: 7.48 per cent
Sofra, St John's Wood, London. (Guide price: £1.25m - £1.35m) Sold for £1.35m. Rental yield: 5.28 per cent
The Brass Monkey, Vauxhall, London. (Guide price: £775,000 - £825,000) Sold for £900,000. Rental yield: 6.67 per cent
The Magdala, East Dulwich, London. (Guide price: £850,000 - £900,000) Sold for £880,000. Rental yield: 7.39 per cent
The Exhibition, Bootham, North Yorkshire. (Guide price: £900,000 - £950,000) Available for £950,000
Kenrick's Bar, West Kilburn, London. (Guide price: £850,000 - £900,000) Available for £880,000
The Eaglet, Holloway, London. (Guide price: £775,000 - £825,000) Sold for £820,000. Rental yield: 7.32 per cent
The Empress, Harrogate, Yorkshire: Withdrawn from sale
