Several freehold properties let to major pub and restaurant operators were sold at an Allsops auction on Tuesday.
Those sold include a site in Tonbridge High Street in Kent, let to Ask and sublet to Beyoglu Ltd with a rent of £65,000 pa, which was sold for £750,000, a yield of 8.67%.
Two sites let to Stonegate were sold. The Old Bank in Sutton, offered at a guide price of £1.75m to £1.85m sold for £1.76m (a yield of 7.24%). It was held by the pub company on a new 25-year lease with a rent of £127,363 pa. Stonegate’s Slug & Lettuce in Islington was offered with a guide price of £2.35m and sold for £3.2m, a yield of 7.37%. It was held on a new 25-year lease with an annual rent of £126,696.
A Lloyds No 1 site in Liverpool was sold for £1.97m (yield of 6.72%). Its lease expired in 2038 with a rent of £140,000.
Other sites sold prior to the auction in London. This includes a site in Weybridge, Surrey, trading as Osso Buco on assignment from Giraffe Concepts on a lease expiring in 2027 on a rent of £65,000. It was offered with a guide price of between £925,000 and £975,000.
Meanwhile, a number did not sell. This includes a site in Bournemouth let to PizzaExpress for £90,000 pa with a guide price of £1.5m-£1.65m.
Other sites still available include: a freehold in King’s Lynn let to Spirit offered with a guide price of £775,000-plus at rent of £66,000 a year on a lease expiring in 2028; a site in Orpington, Kent, trading as a McDonald’s on rent of £105,000 pa for a lease expiring in 2032, which was on for £2.2m; a site in Upper Street, Islington, let to Wahaca on a rent of £200,001 on a lease expiring in 2038, which is available for £3.75m.
The freehold of a JD Wetherspoon site the Pennsylvanian in Rickmansworth High Street, on an annual rent of £125,918 with a lease expiring in 2034, had a guide price of £2.15m but is still available. So is an Ask site in Welwyn Garden City, let on a lease that expires in 2027 on a current rent of £69,000 per annum and offered at a guide price of £975,000 to £1m.
Some outlets were withdrawn, including a site in Blackpool let to Bella Italia and offered at a rent of £86,600, and a site in Warminster, Wiltshire, that included a Little Chef restaurant with a rent of £170,576 pa, rising to £174,841 on 21 March 2015.
