Enterprise to auction 8 pubs for £12.6m

Enterprise Inns hopes to raise a further £12.6m through the auction of seven more of its prime London pubs.

The pubs, which bring in a combined rental income of £920,000 per annum, are set to go under the hammer on 10 March with auctioneers Cushman & Wakefield. 

The tenanted operator is hoping to raise £12,625,000 through the sale-and-leaseback of these pubs. 

As in previous auctions, Enterprise is offering prospective freehold investors a 35-year lease with an option for Enterprise to break at 25 years subject to six months' notice.

The company has previously stated that it reserves around 15% of total current income from the pubs it takes to auction.

The pubs are:

• The Princess Royal, Shoreditch, (rent of £105,000) has a guide price of £1.35-£1.45m, 

• Molly Moggs, Old Compton Street, (rent of £105,000) has a guide price of £1.425-£1.525m

• 515 Fulham Road, Fulham, (rent of £150,000) has a guide price of £1.9-£2m)

• 222 South Ealing Road, Ealing, (rent £125,000), guide price of £1.55-£1.65m

• The Sun, Drury Lane, Covent Garde, (rent £115,000) guide price of £1.6-£1.7m

• The Hope, Fitzrovia, (rent £120,000) guide price of £1.55-£1.65m

• Halfway House, Mortlake, (rent £85,000), guide price of £1-£1.1m

• Three Kins, Clerkenwell, (rent £115,000), guide price of £1.45-£1.55m

Enterprise has stated that it might raise as much as £200m through the public auction route — it has so far raised around £47m. 

At an Allsops auction last week, the pubco sold six London freehold pubs for £10.15m, a seventh pub was sold prior.