Enterprise Inns has raised £11.44m auctioning freeholds of nine prime pubs, all but one located in London, writes John Harrington.
As with previous sales, the pubco has secured a 35-year lease on the pubs, which went under the hammer at an Allsops commercial auction today.
The nine Enterprise pubs, of 11 put to auction, that sold today are:
• The White House, Highbury - £870,000 (guide price £850,000-£900,000 with a rent of £65,000 per annum, and net yield of 7.06%)
• The Archers, Whitechapel - £810,000 (guide price £775,000-£825,000 with a rent of £60,000 per annum, and net yield of 7%)
• Elgin Bar & Grill, Maida Vale - £1,460,000 (guide price of £1,150,000-£1,250,000 with a rent of £90,000 per annum, and net yield of 7%)
• Northumberland Arms, Kings Cross - £1,070.000 (guide price of £1m to £1,100,000 with a rent of £80,000 per annum, and net yield of 7.07%)
• The Princess of Wales, Primrose Hill - £1.590,000 (guide price of £950,000 to £1m with a rent of £75,000 per annum, and net yield of 4.46%)
• The Mall Tavern, Kensington - £1,790,000 (guide price of £1,150,000 to £1,250,000 with a rent of £90,000 per annum, and net yield of 4.75%)
• The Chesterfield, Bayswater - £1,660,000 (guide price of £1,100,000 to £1,200,000 with a rent of £80,000 per annum, and net yield of 4.56%)
• “51”, Windsor, Berkshire - £1,300,000 (guide price of £1,100,000 to £1,200,000 with a rent of £90,000 per annum, and net yield of 6.55%)
• Prince Arthur, Camden - £895,000 (guide price of £750,000 to £800,000 with a rent of £60,000 per annum, and net yield of 6.34%)
The Beaconsfield in Haringey was withdrawn - it had a guide price of £900,000 to £950,000 with a rent of £70,000 per anum.
And the Dartmouth Arms, Forest Hill (guide price £775,000 to £825,000 with a rent of £60,000 per annum) remains unsold and is still available.
