Five out of seven pubs sell at Allsop auction
Of the pubs that went to auction, three were part of the Farlane Property Group, which fell into administration in 2010 and had 43 pubs at the time.
PricewaterhouseCoopers was appointed joint administrator of the group. One of the Farlane pubs did not sell.
The Hill in Bristol sold for £730,000 freehold, with a gross initial yield of 7.95%. It had a guide price of £650,000. The pub is let to Black Pubs until 23 June 2021 at a current rent of £58,000.
Bar Twenty 7 in Sheffield sold for £350,000, with a gross initial yield of 12.91%. It had a guide price of £350,000 to £375,000. The lease has approximately 324 years remaining at a peppercorn ground rent. Total rent is £45,200.
The Red Hackle in Jarrow, Tyne & Wear, sold for £125,000 for the freehold, with a gross initial yield of 20.8%. It had a guide price of £125,000 to £135,000. The pub is let until 2020 on a rent of £26,000. The site is part of the Farlane Property Group estate.
The Red Lion in Wrexham, Clwyd, sold for £35,000 for the freehold, with a gross initial yield of 14.86%. It had a guide price of £35,000 to £40,000. It is let on a temporary management agreement for £5,200. The pub is also part of the Farlane Property Group.
Ye Old Ferrie Inn in Symonds Yat, Herefordshire, sold for £385,000 for the freehold, with a gross initial yield of 10.38%. It had a guide price of £250,000. The site is let for 21 years from 7 January 2010 at a rent of £39,950.
Still available is the Black Horse in Luton for £165,000 freehold. The pub is let until 16 May 2017 on a current rent of £20,000. The Black Diamond, pictured left, in Ince, Lancashire, is also still available for £45,000 for the freehold. It is part of the Farlane Property Group.
