15 February 2013

Florence – a machine for living in?

There’s been a Florence tavern in Islington’s Florence Street since the road was built in the late 1850s but that tradition now seems set to come to an end, with the pub’s sale through licensed leisure specialists AG&G.

More than 30 prospective buyers made formal inspections, which resulted in 11 firm bids, mainly from cash buyers, says AG&G’s James Grimes.

“The winning bid comfortably exceeded the guide price of £1.5 millio n. The new owner is a developer who aims to convert the property into self-contained flats,” says James.

The buyer is gaining a substantial property with a gross internal area of more than 5,000 square feet (more than 470 square metres). It is in prime residential territory only 50 metres off Upper Street and within 10 minutes’ walking distance of Essex Road overground station, Angel and Highbury & Islington Underground stations.

Currently, the ground floor contains an L-shaped servery and customer lavatories. The ceilings are particularly high, at nearly 11 feet (3.3 metres). The first floor has a function room, trade kitchen and further customer lavatories. The second floor is laid out as a four bedroom flat with kitchen and bathroom. There is also a basement which is used as a cold beer store and ancillary storage.

For more information, contact James Grimes on 020 7836 7826, e-mail jgrimes@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