Investors greet former pub with open arms
The Navy Arms in Deptford may have stopped parting thirsty sailors from their wages long ago – but it can still attract the interest, and cash, of property-hungry investors.
Licensed leisure specialists AG&G have just completed the sale of the three-storey south London premises for more than £500,000, off an asking price of around £350,000 – despite the fact that the pub is closed and only two of the five flats above are let.
“With a rental income of £18,000 pa on the two let apartments, this was an excellent investment opportunity, which was reflected in the unusually strong interest we received,” says Anthony Alder of AG&G.
“It shows that, even though there is very little investment property on the market, there are still a lot of people looking for a home for their money.”
The Navy Arms, previously owned by Journey’s Limited, was on the market as part of an administrators’ sale. Although dating from around the turn of the 20th century, it almost certainly owes its name to the nearby Royal Dock, which serviced Henry VIII’s Royal Navy.