Capital spends £1.55m on 33rd pub

London-based pub operator Capital Pub Company has bought its 33rd site, a freehold in Dulwich for £1.55m.

The 3,000 sq ft Mansion pub on Gypsy Hill was bought from south London operator Late Night Leisure, which itself bought the freehold of the pub from Punch Taverns in 2009.

Davis Coffer Lyons (DCL) acted for Late Night Leisure Limited and Capital Pub Company was represented by James Grimes.

Capital chief executive Clive Watson told M&C Report: "It's a huge freehold in an area that we know very well. It's got a huge beer garden at the back and planning permission for five flats.

"We will refurbish the downstairs, build a conservatory and refurbish what's there at the moment to make the flats."

DCL director of pubs Paul Tallentyre said: "This is a great transaction; we had a number of parties all interested in the property resulting in achieving above asking price. The market is really buoyant at the moment, particularly in the south east and this deal marks a great end to a strong financial year for the pubs team."

Last month Capital announced plans to increase its estate to between 45 and 50 pubs over the next two to three years.

Meanwhile, Late Night Leisure has put its last remaining site on the market with DCL.

The White House, just off Clapham High Street, is described as a nightclub/bar/restaurant with a 5am licence. It has an asking price of £2.25m for the freehold.

The venue operates across three levels and has a total floor area of approximately 7,500 sq ft, including a decked terrace at the first floor.