10 October 2011

Favourite lives up its name as a winner

As soon as licensed leisure specialists AG&G marketed the Favourite in Holland Park, the race was on to secure the freehold, with 22 potential buyers viewing the 737 square metre (7,900 square foot) site in just 10 days. The owner received no fewer than 29 offers, all but one of which were unconditional – and finally romped home with over £2.1 million.

“Bidding was very competitive, with the successful offer considerably over the original asking price. Not surprisingly, our client was very pleased with the result,” says AG&G’s James Grimes, who handled the sale.

“As pubs go it is not a great beauty – its appeal is its prime location in one of London’s most fashionable areas, with easy access to Shepherd’s Bush tube and Kensington Olympia railway station. We understand that the new owner plans to demolish the existing building and replace it with something more high rise.”

The two-storey property, which dates from the mid-20th century, borders a popular residential area. As well as the main licensed premises, it includes a small retail unit and off-licence. Outside there is a detached storage shed and yard.

For more information, contact James Grimes on 020 7836 7826, e-mail jgrimes@agg.uk.com or media@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.

8 Exchange Court,
London, WC2R 0JH