The freehold interest of The Slug pub in London’s Fulham Road, which is let to Stonegate Pub Company, has been acquired by a private investor, for a consideration of £3.3m, M&C Report understands.
The site was sold by Coffer Corporate Leisure on behalf of a private vendor, with the sale price reflecting a net initial yield of 4.55%.
The property, which comprises a public house arranged over three levels, is let in its entirety to Stonegate Pub Company for 16 years. The current passing rent is £158,875 per annum.
Lawrence Telford, director at Coffer Corporate Leisure, said: “This is a sizeable asset a short distance from Fulham Broadway station. The property occupies a substantial footprint in a rapidly improving location which is attracting a high volume of inward investment. The pub benefits from a long lease to a Grade A covenant with a strong balance sheet.
“The market for assets of the ilk is extremely buoyant at present. In the past 12 months we have transacted over a dozen London pub investments and in most cases achieved prices well in excess of our clients’ expectations.”
