Enterprise raises £7.3m at auction

Enterprise Inns has another raised £7.3m by only selling seven of the 11 pubs it put up for auction today.

The pubs are offered as part of the company's ongoing 35-year sale and leaseback programme.

Enterprise had hoped to raise around £11m at the Allsop auction, in London's Park Lane Hotel, with 12 pubs but one was withdrawn before the auction and four went unsold, including the only one outside London.

Today's auction is the first of three February and March sales, as Enterprise will be offering further lots for sale at the Acuitus auction on 22 February and the Cushman Wakefield auction on 9 March.

Including today's results, and the recent sale of 29 pubs to Max Property Group, brings the total proceeds from these sales in the current financial year (from 1 October 2010) to £81.2m from 65 pubs, with an average gross yield of 6.7%.

The pubs sold are:

• The Dukes Head in Richmond-Upon-Thames, Surrey, sold for £1.3m - it had a guide price of £1m-£1.1m, with rent of £75,000pa. The initial yield is 5.73%.

• The Duke of Sussex, London SE1, sold for £890,000 - it had a guide price of £700,000-£750,000, with rent of £55,000pa. The initial yield is 6.18%.

• The Star in Dartmouth Park, London N19, sold for £735,000 - it had a guide price of £700,000-£750,000, with rent of £55,000pa. The initial yield is 7.48%.

• Sofra in St John's Wood, London NW8, sold for £1.8m - it had a guide price of £1.25m-£1.35m, with rent of £95,000pa. The initial yield is 5.28%.

• The Brass Monkey in Victoria, London SW1, sold for £900,000 - it had a guide price of £775,000-£825,000, with rent of £60,000pa. The initial yield is 6.67%.

• The Eaglet in Holloway, London N7, sold for £820,000 - it had a guide price of £775,000-£825,000, with rent of £60,000pa.

• The Magdala in East Dulwich, London SE22, sold for £880,000 - it had a guide price of £850,000-£900,000, with rent of £65,000pa.

Pubs that did not sell are:

• The Weavers in Islington, London N1. Guide price - £775,000-£825,000, with rent of £60,000pa

• The Norwood Hotel in West Norwood, London SE27. Guide price - £850,000-£900,000, with rent of £65,000pa

• The Exhibition in Bootham, North Yorkshire. Guide price - £900,000-£950,000, with rent of £70,000pa

• Kenrick's Bar in West Kilburn, London W9. Guide price - £850,000-£900,000, with rent of £65,000pa

The Empress Hotel in Harrogate, North Yorkshire was withdrawn before the auction. It had a guide price of £775,000-£825,000, with rent of £60,000pa.

The Town of Ramsgate in Wapping, London E1, (guide price - £950,000-£1m, with rent of £70,000pa) also went unsold. It was put up by a private owner after being bought at a previous Enterprise auction.

In addition to the Enterprise pubs, the freehold of Felix Holt in Nuneaton, Warwickshire was sold for £1.09m, with initial yield of 8.07%. It had a guide price of £950,000-£975,000, and is currently let to JD Wetherspoon for £88,000pa until 2037.