Max Property Group, the company led by Nick Leslau and Mike Brown, which acquired 29 Enterprise Inns in a £44.4m sale-and-leaseback deal last January, has reported a 3% uplift in the value of the portfolio for the six months to the end of September.

Despite the difficulties faced by the late-night sector, the company reported a 0.4% rise in the portfolio valuation of the remaining 12 out of 14 nightclubs it acquired for £9.8m in October 2010 during the same period.

In regards to the pub package, at acquisition, the net initial yield on the portfolio was 6.7%, which has subsequently risen to 7% on cost and is due to rise to at least 7.2% in January 2013. The capital value at cost was £300psf and the total area acquired was 150,000sq ft. The current passing rent is £2.7 million per annum and the average lot size is £1.7 million.

It said that the portfolio continued to attract unsolicited bids on individual assets at premium levels from private investors.

The group said: “With an income return on equity net of financing costs in double figures, annual minimum rental uplifts of 3% per annum and continued growth in underlying alternate use value, we believe there is more value to come from the portfolio.

The pubs are located in Marylebone, Notting Hill, Chelsea, Clerkenwell, Spitalfields, Southwark, Camden, Highgate, Islington, Barnes, Sheen, Chiswick, Battersea, Clapham, Balham, Tooting and Fulham. Two pubs, in Chelsea and Balham, have been sold since acquisition at net initial yields of 4.5% and 5.5% respectively.

The nightclubs portfolio was acquired in October 2010 for £9.8m in a deal struck with a lender seeking an exit for a larger portfolio. At the time of acquisition, three of the 14 clubs were vacant and the net initial yield on acquisition was 14.9%.

Ten of the nightclubs are let to Atmosphere Bars and Clubs Limited on 30 year full repairing and insuring leases from January 2010 with a tenant break option at year 25. Two of the properties have been sold since acquisition for a total of £1.3m at a profit of 86% over purchase price.

Of the two remaining properties that were vacant on acquisition, Banbury was let on a new 20 year lease in 2011, leaving only Middlesbrough, with a value of £500k at 30 September 2012, still vacant. The current passing rent is £1.3m per annum and the average lot size is £700k.

The company said that its leisure portfolio had a combined value of £53.1m, representing 12% of its investment estate, which has overall value of £458.1m.