Average rents on new leases stabilise

By Michelle Perrett

- Last updated on GMT

Related tags: Renting, Leasing

Average new lease prices stabilise
Average new lease prices stabilise
The average annual rent for new pub leases in England and Wales stabilised at £24,939 per annum during the third quarter of 2013, according to the Royal Institution of Chartered Surveyors (RICS) Pub Benchmarking Survey.

This is the second quarter to provide comparable data for the four leading companies — Enterprise, Punch, Marston’s and Star Pubs & Bars.

In the previous quarter average rent on a new lease was £24,368.

As part of the report the four pubcos predicted that average pub turnover would reach £301,066 in the next two years, similar to the last quarter. If so, rental costs will represent about 8.5% of turnover.

Pubs in the London have the highest rents at £31,853, followed by the south-west at £25,700 and the south central at £25,147.

A total of 237 new leases were granted in the period with average lease length at six years.

Related topics: Property law

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