Hands-off investment leaves pubco quids in
A freehold restaurant and bar on Battersea’s Lavender Hill was bound to catch the eye of a savvy investor but, although the three-storey building has been snapped up by a pubco, it will be business as usual for the current tenant, Lebanese eaterie Ashtar.
“We sold the freehold to another Public House Investment Company off a guide price of £750,000. A new 20-year lease was granted on the property in March this year, so the incoming owners will not be rolling their sleeves up and getting stuck in to the business,” says Panayiotis Themistocli of licensed leisure specialists AG&G, who handled the sale.
“With a rental income of around £45,000 a year, I don’t think they will be too disappointed to be taking a hands-off approach.”
Ashtar lounge, restaurant and bar occupies the SW11 building’s ground floor and basement trading areas. Above this are two floors of residential accommodation, which are also included in the lease.
The property has a total internal floor area of approximately 561 square metres (6,038 square feet) and is subject to five yearly rent reviews.