A pair of Punch Taverns freehold pubs based in London’s Clerkenwell have been sold to a private investment fund in an off-market deal for £3.5m.
The fund has secured the White Bear and the Smithfield Tavern, both in EC1, near London’s Smithfield meat market.
AG&G’s James Grimes, who represented the buyers and brokered the deal, said: “A tied freehold pub may not be at the top of every buyer’s wishlist but these transactions show that the demand is there if you have an expert on hand who understands how to administer the tie.
“In today’s climate, the first consideration is not necessarily what yield the arrangement is going to provide but how large the property is and the price per square foot. We are finding that investors are more concerned with a property’s long-term investment potential than shorter-term gains – which is another reason why it pays to have specialist advice if you are planning to dip a toe in the water.”
