Young's sells Wandsworth brewery
London brewer Young's has sold its Wandsworth brewery to property agent Minerva for £69million.
Young's announced in May that it was to merge its brewing operatons with Charles Wells at Wells' Bedford site.
Excluded from the sale is the Brewery Tap public house, which is located on the brewery site, in the heart of Wandsworth at the junction between Ram Street and Wandsworth High Street.
This is the site of the original 'Ramme Inn', the origins of the brewery dating back to 1539.
In addition, Young's has entered into further agreements with Minerva providing it with a right of first refusal, at not more than open market value, on the lease or sale of:
- any part of the site that is to be used as a licensed property; and
- if suitable planning permission is received, up to 22,000sq ft of office space on the Buckhold Road site.
In statement released to the Stock Exchange Young's said: "The Board believes that the Disposal, together with the creation of Wells & Young's, will drive a step change in the Company's financial performance and that the substantial amount of capital released over the next 18 months will enable significant investment in the growth opportunities open to the Company."
It is believed Minerva will develop the site for mixed commercial and residential use.
Salmaan Hasan, chief executive of Minerva plc said: "This significant acquisition presents the Group with an exciting development opportunity, utilising our own core skills and expertise.
"We look forward to working with key stakeholders to explore the opportunities prevailing from such a strategic location."
To comment on this or any other story email us by clicking this link - please indicate which story you are responding to.
