Rebirth of the traditional pub as demand for the "old-school" outlet rises.

Agents say demand for the 'old school' outlet is rising

The traditional local pub is back in fashion for those looking to buy outlets, according to licensees and property agents.

When it opens in mid-November, the Grand Union pub in West London is hoping to benefit from its owners' prediction of a comeback for the traditional local.

According to the pub's co-owner Charlie McVeigh, a lot of local pubs have fallen by the wayside under the control of the large pub operators, despite a demand for the more traditional style of outlet.

"Under large pub operators' ownership some local boozers have drive behind them but in many cases the management don't care. We're hoping to keep the Grand Union the way it is and to then re-open it as a great old-school boozer, highlighting its Victorian features," said Mr McVeigh.

Paul Reilly, sales manager at property agent The Stonesmith Partnership, agreed that there was a demand for such properties, especially on a leasehold basis, from a growing number of first-time owners.

"The larger operators are cutting back and making people redundant. Some are putting part of their money into their first business," he said.

Mr Reilly suggested first-time buyers can effectively "buy turnover". He said the leasehold on a pub with say £100,000 of annual sales could be bought for £45,000, compared with having to pay over £100,000 for the freehold of a similar property.

He also believed that traditional pubs now offered an appealing alternative to the growing number of theme pubs that have become the major focus of the large operators.

"People still want a proper pint in a proper pub. There is always a demand for proper pubs," he said.

Mr McVeigh said that the changing economic climate was also increasing the appeal of traditional pubs.

"It's comforting to go into old pubs since they're not too expensive and you don't have to travel and you probably know the licensee," he added.

And according to Brian Hasell, senior partner at agent Huntley & Partners, there are more of these pubs coming on to the market. "There is a strong demand for them," he said.