Property round-up

Beavertown’s new home, Roxy Liverpool reopens, Redcomb founders add to Prospect portfolio

By Stuart Stone contact

- Last updated on GMT

Property moves: which sites have been reopened, revamped or changed hands in the past week?
Property moves: which sites have been reopened, revamped or changed hands in the past week?

Related tags: Property, Finance, Tenanted + leased, Freehouse, Beer, MA500

The creator of Neck Oil and Gamma Ray has unveiled its £40m new home, Redcomb's founders have added a second site to their portfolio of Prospect Pubs and Roxy Liverpool has undergone a £100,000 revamp.

New £40m Beavertown brewery to increase production tenfold 

Billed as Beavertown Brewery’s “forever home”, the creator of Neck Oil and Gamma Ray unveiled Beaverworld - a new facility described as "London's largest brewery" in Ponders End, Enfield.

The new site will generate 150 jobs in the North London area and deliver 90,000,000 pints per year – a tenfold increase.

The expansion comes after Heineken purchased a minority stake in Beavertown in 2018​ and earmarked £40m to fund its new home.

“Beaverworld has been a long time in the making and we’re thrilled that we’ve now started brewing on site in Enfield,” Beavertown founder Logan Plant​ said. 

“We’re confident that with Beaverworld, we have created a quality-driven brewery with passion and love for the craft at its core. Beaverworld is the answer to our dream of getting more Beavertown in the hands of the masses and we could not be more excited that it’s now up and running. 

“With Beaverworld we’re expecting to create our own lasting-legacy.”

Beavertown

Roxy reopens after £100,000 investment

Roxy Liverpool is poised to kick off post-lockdown trade following an extensive refurb which will see the Hanover Street site boast an exclusive gaming offer.

‘’We were gutted when lockdown meant postponing the Roxy Liverpool Hanover St. re-launch, however, it has allowed us to make our offering even bigger and better than originally planned,” Roxy brand development manager, Joel Mitchell, said.

“Liverpool Hanover St. will also be our first venue to offer Crazy Pool and Bank Shot Shuffleboard, two insanely playable new games that we know you’re all going to love.”

''The outdoor seating area and strict post-Covid measures we have in place mean you can expect the same electric atmosphere that defines the Roxy brand in a safe and responsible manner. 

“We're counting down the days to bring Liverpool's number one gaming bar back and can’t wait to see you on the 27 August.”

Roxy

Recomb founders add second site to Prospect portfolio 

As reported​ by The Morning Advertiser (MA)​, Prospect Pubs’ Dan Shotton and Mark Draper – the owners of Redcomb Pubs before its sale to Young’s Brewery last year – have taken on their second site, the Victoria in Woodham, Surrey.  

The pair revealed that before reopening the Victoria, which has been closed for 14 months, they will undertake a £580,000 site refurb in tandem with Star Pubs & Bars.

Discussing their latest project and expansion plans, Draper explained that despite the ongoing pandemic Prospect hopes to acquire three to five sites a year for the next five years, comprising of a mix of freehold, leased and tenanted sites. “It’s great to finally be able to get these wheels back in motion,” he said. “Our ambition is to create a group of successful and profitable pubs and pubs with rooms that are accessible to all, with a well-positioned premium offering.  

“We follow the same simple philosophy for every site we are involved with, and that is to create authentic, timeless, quality pubs that are as well-known for their friendly welcome and independent spirit as they are for their fine food and drink at fair prices. 

“Covid has delayed our plans but not dampened our enthusiasm to take on the Victoria.  We’re now on schedule to reopen the pub early-November.”

Victoria, Woodham

Brothers Pub Co. to open first site 

Brothers Ellis, Jack and Josh Fitzgerald – the founders of Brothers Pub Co. – are on course to open their first site in Northampton before the end of 2020.

Since November 2019, the trio have been selling homemade cocktail boxes to raise funds to open their first site, which they aim to establish as a “social pub venue” offering tapas, innovative and classic cocktails as well as gaming and entertainment.

The company’s website states: “The Brothers Pub Company brand will focus on creating vibrant and spontaneous social venues around the U.K.

“Social venues that pull together a mixture of bohemian, vintage and abstract design concepts to provide our audience with an extraordinary social experience.

“Our tempting British tapas selection is sharable and our carefully crafted cocktails fascinate. 

“We want to bring people together and set the benchmark for Pub by day, Party by night.”

Innis & Gunn plans second site in Glasgow 

Scottish craft brewer and operator Innis & Gunn has unveiled plans to add a second its site in Glasgow to its Brewery Tap bar portfolio. 

The news comes after the Edinburgh-based beer maker opened a new Brewery Tap site in Leith, Edinburgh, on 21 August, joining its trio of sites across Glasgow, Dundee, and Edinburgh city-centre. 

Speaking at the opening of Leith’s Brewery Tap, Dougal Gunn Sharp, founder and CEO of Innis & Gunn, said: “we’re feeling incredibly fortunate to be able to continue with our growth plans during this difficult and uncertain time.

“In the past few months our team have excelled. The business is in great shape and, now that the hospitality sector is starting to open up again, we are looking to the future so that means progressing with our planned retail expansion.

“We are also pleased to be able to create jobs at a time of such uncertainly for many. We look forward to welcoming the first customers through the door from Friday. We are also committed to supporting our on-trade partners as they re-open and get back on their feet.”

Innis

Plans approved to convert former post office into pub

Planning permission has been granted to convert a former Post Office in Cheadle, Greater Manchester, into an “alternative drinking house”.

Proposals presented to the local council outlined that the new pub will focus on local ales and aim to create a “quieter establishment” in contrast to livelier nearby venues.

The architect of the new pub proposals, Dave Ramwell, has worked with the operator of Jake’s Ale House, in Romiley, Greater Manchester, to devise conversion plans.

“We are looking to produce a public house that’s a little bit different to what we are normally used to,” Ramwell told Manchester Evening News​.

“We are not looking to work with any large breweries, we are looking to deal with very, very local breweries and produce a wide selection of new ales to bring different flavours and bring a bit of passion and community to where we are at the post office.

How has the coronavirus pandemic affected the pub property market so far?

Experts from Fleurets, Davey Co and Christie & Co dissected the pub property market and highlighted a number of sector trends emerging amid the ongoing Covid-19 crisis 

Simon Hall, director and head of agency at Fleurets, said since the enforced closure of hospitality venues at the end of March, the pub property market has become increasingly polarised. 

“The very top end prime sites are still in demand, although very few owners have been prepared to sell,” he told MA​ “I had one deal in a city centre that before lockdown, I had an offer at £2m, we continued negotiating into lockdown and ended up doing the deal at £2.5m. 

“Was this impacted by Covid-19? Would they have paid more or less if Covid-19 hadn’t happened? No one can say, but my view is that this deal would have happened at this price regardless, so in effect there was no effect from the pandemic on the sale price."

Hall added that the other end of the scale has seen increased activity off the back of the pandemic as well as greater demand for low value freehold pubs that are suitable for conversion.

“Here we have experienced several contract races, several best and final bidding situations, sites that were sticking now generating offers and being sold,” he continued. “Most interest has been for residential conversion. The market has seen this as one sector where demand hasn’t fallen and as a result is a relatively safe and attractive investment opportunity.”

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