Clerkenwell deal is sweet meat to long-term investors
It’s not unusual for licensed leisure specialists AG&G to manage £1 million-plus deals – but it’s not every day that they broker the off-market purchase of two freehold pub investments for a cool £3.5 million.
The two properties are the White Bear and the Smithfield Tavern, both in Clerkenwell, EC1, near London’s famous Smithfield meat market, and belonged to Punch Taverns. Their new owner is a private investment fund.
“A tied freehold pub may not be at the top of every buyer’s wishlist but these transactions show that the demand is there if you have an expert on hand who understands how to administer the tie,” says AG&G’s James Grimes, who represented the buyers.
“In today’s climate, the first consideration is not necessarily what yield the arrangement is going to provide but how large the property is and the price per square foot. We are finding that investors are more concerned with a property’s long-term investment potential than shorter-term gains – which is another reason why it pays to have specialist advice if you are planning to dip a toe in the water.”
For more information, contact James Grimes on 020 7836 7826, e-mail firstname.lastname@example.org