Four Farlane pubs sell at Allsop auction

Farlane Property Group fell into administration in 2010 and had 43 pubs at the time. PricewaterhouseCoopers was appointed joint administrator.

■ The Albion in Plymouth, Devon, sold for £150,000 with a gross initial yield of 14%. It had a guide price of £150,000 to £170,000.

■ The Lord Napier in Birkenhead, Wirral, sold for £120,000, with a gross initial yield of 16.7%. (Guide price £100,000 to £120,000.)

■ The Red Hackle in Jarrow, Tyne & Wear, sold for £175,000, with a gross initial yield of 14.9%. (Guide price £175,000 to £185,000.)

■ The Lamb & Lion in Langport, Hambridge, Somerset, sold for £207,000. (The pub had a guide price of £150,000 to £160,000.)

The four pub properties still available are:

■ The Black Diamond, in Ince-in-Makerfield, Lancashire, for £80,000.

■ The Red Lion Inn in Wrexham, Clwyd, for £80,000.

■ The White Hart in Newton Abbot, Chudleigh, Devon, for £95,000.

■ The Bay Horse in Scunthorpe, north Lincolnshire, for £110,000.

Three other pubs also sold at the auction, with a further one selling prior to the event.

■ Club Loco in Bolton, Greater Manchester, sold for £165,000, with a gross initial yield of 27.3%. It had a guide price of £125,000. It is let to Skyfall Promotions, with a rent of £60,000.

■ The Sovereign of the Seas in Petts Wood, Kent, sold for £1.305m. It had a guide price of £975,000 to £1m. The pub is currently let to JD Wetherspoon (JDW) with a rent of £75,200.

■ Elihu Yale in Wrexham, Clwyd, sold prior to the auction. It had a guide price of £1.1m and is let to JDW.

■ The Pembroke in Coulsdon, Surrey, sold for £805,000. It had a guide price of £675,000 to £700,000. It is let to Barracuda Pubs & Bars (now Bramwell Pub Company), with rent of £72,500.