Enterprise sells six London pubs
Enterprise Inns raised just over £8.5m from the sale of six prime London sites, following an Allsops Commercial sale in London.
Four pubs sold in the auction, raising £5.5m, while two more sold after, bringing the total sold to £8,545,000. The average yield was 6.9%, and the sales achieved a multiple of 14.4 times rent.
The company had planned to sell eight sites, but one was withdrawn from the sale, and one other failed to sell during the auction.
Enterprise offered the pubs on a 35-year lease with a break clause for itself at 25 years subject to six months' notice.
The pubs which sold during the auction included:
• the Eight Bells, Fulham (rent of £100,000 per annum), which sold for £1.4m
• the Duke Of York, Clerkenwell (rent of £100,000 pa), sold for £1.51m
• the Victory, Marylebone, (rent of £70,000pa) sold for £1.18m
• the Bree Louise, Marylebone (rent of £70,000 pa), which sold for £1,415,000.
Two pubs sold afterwards — Soho's Star & Garter, Soho (rent of £115,000 pa) sold for £1.55m, and the Fox Paul Street (rent of £110,000 pa), sold after for £1.49m.
The Shipwright's Arms, Bermondsey (rent of £110,000 pa) did not sell, its guide price was £1.45-£1.55m.
The Princess Alice, Aldgate (rent of £80,000 pa), which had a guide price of £1.15-£1.25m was withdrawn from the sale.
In the current financial year Enterprise has sold 36 pubs on a sale and leaseback basis realising proceeds of £63.4m and an average yield of 6.4%.— a Cushman & Wakefield auction on 10 March sold five pubs and raised £8.12m.
