Wanstead pub for sale

A pub on the Wanstead high street is up for sale with no preferred buyers currently lined up.

The George is leased by JD Wetherspoons and will continue to be leased by the firm until 2034, according to a spokesperson from the business. However, the ownership of the striking period building itself is up for sale.

A price tag of around £2.48 million has been put on the property, which totals around 11,724 square feet and overlooks a George Green in a prominent central position. While the building itself is not old, the site has played host to a pub for hundreds of years, according to Wansteadium, which notes that the inscription on the side of the building is approaching its 260th anniversary.

The net initial yield of The George is cited at 5.75 per cent. But according to the sales agent, the property has "strong residual site value with future potential to develop the upper floors". With this in mind, the buyer might want to consider adding additional businesses on to the current pub deal with Wetherspoons.