Despite the continuing challenging conditions facing the on-trade in the UK, running a pub continues to be an attractive proposition, with over 60% of the closed freehold sites sold by leading specialist agents Christie + Co, since the start of the year, reopening as pubs.
Of the remaining circa 40%, the majority have been acquired for alternative use, either for residential development or for commercial use by a wide range of buyers including, supermarket and convenience store operators, restaurant and fast-food unit owners, and care home and nursery companies.
Christie + Co’s Ipswich Office recently sold the freehold of the Beaconsfield Arms in the village of Occold, close to the Suffolk/Norfolk border, which had been closed for 16 months. The pub was sold to local buyer, Charles Appleton, from the nearby village of Wortham, off a quoted asking price of £175,000, amidst strong interest from competing buyers. The pub reopened on Saturday 19th June, following a complete refurbishment.
This was followed by the sale of the Lower House pub in the village of Georgeham, North Devon, at the end of May. Closed since the end of 2008 the freehold pub received a good level of interest, with multiple bids received on a “best and final” bidding process. The pub was eventually acquired by a local businessman, who is currently refurbishing the property, before re-opening it as a quality, food-led destination freehouse.
Neil Morgan, Head of Pubs at Christie + Co, said: “The Beaconsfield Arms and the Lower House are just two of many non-trading freehold pubs that Christie + Co has sold this year and which have reopened, or are scheduled to reopen, as freehouses. This confirms that there are plenty of buyers who are keen to enter the pub trade and who recognise that the present market offers a real opportunity to buy a freehold business at an attractive price, thereby enabling them to fulfil their dream of running a pub. These sales further highlight our belief that even in these more difficult and testing times, there are quality buyers out there actively looking to acquire a range of properties provided they are sensibly priced.”