15 June 2011

Notting Hill site proves a Favourite

There’s been a pub on St Ann’s Road in London’s Notting Hill since at least 1881, when the Red Lion was run by one Robert Whitley. That might be about to change.

The most recent on the street – The Favourite – is up for sale at a guide price of £1.25 million for the freehold through licensed leisure specialists AG&G. It is already proving popular with potential investors, with more than 22 people viewing the premises in just 10 days. Best and final offers can be made to AG&G until noon of Wednesday 22 June 2011.

As it is in a prime location, a short distance from Holland Park and just a third of a mile from Shepherd’s Bush Tube station, less than a mile from Kensington Olympia railway station and on the borders of a very desirable residential area, the 7,900 square foot (737 square metre) site could be put to a new use, as Panayiotis Themistocli explains.

“The building is mid-20th century, not listed and not in a conservation area. It is therefore considered that the site could be cleared to make way for a fresh development, such as part commercial and part residential, subject to necessary consents, of course,” says Panayiotis.

If the current use continues, the new owners will benefit from a sizeable ground floor comprising two trading areas serviced from a central bar servery.  A small retail unit and former off-licence are within the pubs demise and are also included within the sale.

The first floor provides staff/manager’s accommodation of five bedrooms, two bathrooms and a sitting room. The basement is used as a chilled beer store.

Outside there is a detached storage shed and a secure yard. The rateable value is £25,750. Current licensing hours are 11am to midnight on Tuesday and Thursday to Saturday; 11am to 11.30pm on Mondays and Wednesdays; and noon to 10.30pm on Sundays.

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