Medium lease sales: making the impossible possible
Some say it’s desperately difficult to sell medium-term leasehold pubs at the moment – particularly if the leases restrict use to pub-only. But not AG&G, who have just seen exchange of contracts on two in London, both with remaining terms of less than 40 years.
The Bank of Swans in Clapham (one of the few banks in the country not to be supported by the government) is situated in a densely populated residential area and was sold off an asking price of £150,000, with the lease running to 2036.
A few miles away in Loughborough Junction, Robin Hood and Little John was sold off an asking price of £125,000, continuing a tradition of a pub in SE5 with the same name that dates back to at least 1848. The lease runs to 2051.
“They are both fairly modern premises, are in good trading areas and should provide a good living for their new lessees. The right premises in the right location presented in the right way at the right price will always find a buyer,” says AG&G’s Michael Penfold, who handled the sales.
The Bank of Swans has three interlinked trade areas and central server. A self-contained first floor flat contains three bedrooms, a kitchen, bathroom, lavatory and utility room. A separate manager’s flat comprises bedroom, sitting room, kitchen and bathroom. As well as cellarage, there is a trade garden and six-space car park.
Robin Hood and Little John has a ground floor open plan trade area with storage and cellarage. A spacious self-contained flat on the first floor comprises three bedrooms, living room/kitchen, bathroom and lavatory. The premises also come with a parking space.