17 June 2011

Developer captures the Castle

As well as a prominent corner position in a mixed retail and residential area of  the East End of London, the buyer of Plaistow’s Castle pub is getting an unusual bonus on his investment – a telecoms agreement that brings in £10,000-a-year.

“The Castle may not look like a potential gold mine at first sight. But as a substantial, three-storey, end-of-terrace building just five miles from central London, it could well prove quite a money-spinner for the investor who has bought it,” says Panayiotis Themistocli of licensed leisure specialists AG&G, who marketed the property.

“The buyer is planning to convert the upper parts to self-contained flats and re-let the ground floor to make better use of the accommodation, which will give the place a whole new lease of life.”

Along with the telecoms rental income, The Castle offers its new owner an imposing Victorian building with a footprint of 265 square metres (2,865 square feet). Plaistow Underground station is a short distance away.

For more information, contact Panayiotis Themistocli on 020 7836 7826, e-mail pthemistocli@agg.uk.com

AG&G are chartered surveyors specialising in the licensed leisure industry, with the skill and experience needed to value, assess or promote a property not simply as bricks and mortar but as a business. If it involves the price of a licensed premises, its profitability, rental value, investment prospects or value in a dispute, AG&G can help.

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