AG&G hits the target with Spitalfields’ The Gun

Acting on behalf of national pub company, Stars Pubs & Bars, leading property advisory firm AG&G has let The Gun in London’s Spitalfields to the East London Pub Co., at a rent substantially in excess of the guide rent.

A new ‘contracted-out’ 15-year, tied lease was granted by Star Pubs & Bars for the property, which is set out over ground floor and basement of the newly developed Fruit & Wool Exchange. The schemes comprises 260,000sq ft of offices with a further 40,000sq ft of retail/leisure space.

The re-developed pub occupies a prime position on the corner of Brushfield Street and Crispin Street, directly opposite Old Spitalfields Market.

The East London Pub Co was founded in 2014 with its first venue the infamous Ten Bells in Spitalfields. It also owns the Lock Tavern in Camden and a site in Edgeley Road, Clapham.

The company, which is led by Patrick Frawley and Bradley Lomas, anticipates spending over £1 million fitting out the 4,500sq ft premises which will launch in January 2019.

James Grimes of AG&G said: “We received a total of 13 bids for this very rare opportunity located opposite Spitalfields Market. We understand that this letting transaction has set a nationwide record rent for a Pub Company ‘tied’ lease, following an open marketing exercise. This shows the strength of the market for well-located, prime pub opportunities.”