Eight London pubs for sale in £70m portfolio

24-Oct-2017 - Last updated on 24-Oct-2017 at 08:42 GMT

On the market: Prince of Wales pub in Covent Garden (Image: Google Maps)

A glut of London pubs in desirable areas of the city have been placed on the market as part of a portfolio worth £69.5m.

Looking to buy a pub? Visit MA Property where there are hundreds on the market

Eight of the 16 properties placed on the market, which include restaurants and cafés, are pubs and are let to operators including Greene King, Mitchells & Butlers, Ei Group, Fuller’s, Patara and Young’s by a private investor.

The properties placed on the market are:

Admiral Codrington, Chelsea (pub)
Baker & Spice, Chelsea (café)
Browns, Butler’s Wharf (restaurant)
Builders Arms, Chelsea (pub)
Casa Cruz, Holland Park (restaurant)
Dirty Martini, the City (bar)
Duke of Clarence, Chelsea (pub)
Elgin Bar & Grill, Maida Vale (pub)
Elystan Street, Chelsea (restaurant)
Galvin, the City (restaurant)
Mall Tavern, Notting Hill (pub)
Patara, South Kensington (restaurant)
Prince of Wales, Covent Garden (pub)
Red Lion, St James’s (pub)
Uxbridge Arms, Notting Hill (pub)
Waterfront Brasserie, St Georges Wharf (restaurant)

Property agents Savills is marketing the portfolio, the assets of which have a weighted average unexpired lease term of more than 16 years, which currently generates a combined passing rent of £2.63m a year.

Savills director of licensed leisure Paul Breen said: “Portfolios of this quality very rarely come to market, with trophy assets in some of London’s most exclusive locations and significant potential for rental growth.

“The attractive lot sizes provide excellent liquidity and will, therefore, appeal to a broad variety of UK-based and international buyers.”

New Alchemist site

Meanwhile, bar and dining concept The Alchemist yesterday (23 October) announced it would soon be ready to launch its latest site in Oxford, following a £1.5m refurb.

The new venue will open on 28 October and has been the focus of a big marketing campaign in the city, including street theatre performers.

Of the new venue, managing director Simon Potts said: “We wanted our arrival in Oxford to be impactful and unconventional to inspire locals to imagine things differently.”