Former Laurel pubs hit the market
A second package of former Laurel Pub Company pubs comprising 21 town centre sites has been placed on the market as freehold investment opportunities.
Property advisors Fleurets and DTZ are jointly marketing the new package, which is spread across England, and comprises 10 unbranded pubs and 11 sites currently trading under the Yates's brand.
Prices for the pubs, which formed part of the Pumpster portfolio previously held within the Laurel estate, range from £620,000 to £3.5m for the Yates's in Bournemouth.
The 21 sites, which are being sold individually or in groups, are all available on unexpired lease terms of over 18 years and rental income varying between £53,428 and £394,544 per annum.
The latest package of pubs is the second to be made available from a total of 89 former Laurel Pub Company, which are due to come to the market over the next 12 months.
The initial 20 sites, which marketed from the start of this year and comprised a number of Slug & Lettuce-branded units, have either been sold of are in the hands of solicitors.
All the sites will continue to be operated by Town & City Pub Company.
Martin Willis, managing director at Fleurets, with is jointly acting with DTZ on behalf of the Administrators, said: "The first phase of marketing of the 89 properties commenced just before Christmas and I'm pleased to say that we now have all 20 properties in that first wave either sold or with solicitors.
"We are now commencing with this second round of marketing which involves 10 unbranded pubs and further 11 pubs currently trading as Yates's, several of which have had recent refurbishment schemes."
Town & City, which currently operates a c.150-strong estate, emerged with Bay Restaurants from Laurel in March 2008 after the latter went though a pre-pack administration.
Both companies bought back 293 Laurel pubs immediately after it went into administration. Bay Restaurants effectively ceased trading earlier this year.
Town & City recently trialled a refreshed Slug & Lettuce concept at its Chester outlet which it intends to roll out across its c.75-strong estate in the near future.
