Enterprise sells three more pubs at auction

Enterprise Inns raised a further £3.91m at a Cushman and Wakefield auction on Wednesday — its second auction of the week.

The freeholds of six pubs were put up for auction by the pubco with three being sold, one withdrawn prior to the auction and two remaining unsold.

The sold pubs realised total proceeds of £3.91m, achieving a multiple of 16.6 times rent.

The tenanted operator followed the format of its auction sales to date — the freeholds will be subject to a 35 year lease, with a break clause at 25 years.

Those that sold were:

• The Mare Moto on King's Road, Fulham (annual rent of £70,000, sold for £1.71m)

• The Brook in Chiswick (annual rent of £70,000, sold for £1.105m)

• Paradise by Way of Kensal Green (annual rent of £85,000, sold for £1.15m)

The Lonsdale in Notting Hill was withdrawn prior to the auction — it had a rent of £70,000 a year.

The Plough in East Sheen is still available at a price of £1.325m with a rent of £90,000 a year and the Manor Arms in Clapham is also still available at a price of £1.15m with a rent of £85,000.

Earlier in the week, Enterprise sold the freeholds of nine central London pubs at auction​, raising around £12.15m.