Ducalian Capital has acquired the award-winning Maida Vale gastro pub, The Truscott Arms, for £5m.
The pub is to be redeveloped by Ducalian in partnership with Chris Barber, former personal chef to Prince Charles and operator of several high-end pubs and restaurants,
Ducalian raised the funds for the project through the Enterprise Investment Scheme. The Truscott will be the fourth EIS pub to be acquired and redeveloped by the group.
The pub was previously operated by Andrew Fishwick, who left last summer after the landlord requested an increase in rent from £75,000 a year to £250,000.
The aim is for the Truscott to be immediately refurbished and reopened as a gastropub in Q4 2017.
Ducalian said the strategy was to “refurbish the original ground floor space, maintaining a classic “pub” feel, develop a garden restaurant at the rear and redevelop the first and second floors into a lounge and private dining areas subject to the necessary consents”
In addition to the investor capital, a further £1.5m will be raised from bank debt to complete the expansion and redevelopment.
The freehold price equates to £684 per sq. ft.
Davis Coffer Lyons acted on the deal.
