Pub chain Enterprise Inns has sold seven of its sites in London, raising £12 million from the auction.
The auction took place on Wednesday and each sale was offered to investors as a freehold with a 35 year lease and a break clause at 25 years, subject to six months notice.
This latest auction, through Allsops, brings the pub firm’s public auction income to £47 million. It says it may continue to raise as much as £200 million through the public auction route.
The pubs for sale this time included the Cumberland Arms in Hammersmith, which went for £1.68 million; The Lillie Langtry in Fulham, which made £1.41 million; the Northumberland Tavern in Tottenham, which raised £2.13 million and the Nellie Dean in Soho, which fetched £2.1 million. Each pub was sold with a different rent, ranging from £80,000 a year to £155,000 a year.
The sales have been lucrative and buyers are reportedly easy to come by, says Enterprise. The pub giant attributes this to the low rates of interest offered to high-net-worth individuals who are keen to make the most of cheap borrowing.
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