Skip Ribbon Commands
Skip to main content

News Release

London

Traditional public house goes under the hammer in next Jones Lang LaSalle auction


London, 29th November 2011 – The Bull & Bush public house in Torquay is available to buy via auction through commercial real estate firm Jones Lang LaSalle on Thursday 1st December.  This pub and restaurant investment, currently let to Eldridge Pope & Co with 21 years unexpired is being sold at auction, at a guide price of £625.000.

The building provides a ground floor pub/restaurant, pool room, kitchen, food store, disabled toilet and office with first floor customer toilets.  The beer garden is adjacent to the main lounge bar and a small car parking area for about three cars.

Mat Harris, Auctioneer and Director at Jones Lang LaSalle, commented that: “We are expecting this lot to be very popular indeed as it offers a good return with about 21 years remaining to a strong covenant.”

Commenting on the market, Jason Birch, Auctions Director at Jones Lang LaSalle, said: “Pricing is key in this current market.  We are witnessing a market where buyers and sellers are meeting in the middle with very positive results.”
For the full property particulars and to view the auction catalogue please visit www.joneslaglasalle.com/property-auctions

– ends –

Notes to editors:

• The current rent is set at £62,500 per annum
• Currently let to Eldridge Pope & Co. plc for 35 years from 27 February 1997, UK’s independent brewing and pub retailing business.
• Leasehold for a term of 999 years from 23 August 2001 at a peppercorn ground rent.
• The tenants account for year ending 2 November 2010 indicate a turnover of £650.70 million and a net worth of £122.85 million
• The approximate floor area is 5,880 sq ft
• The Jones Lang LaSalle auction is taking place at Le Meriden Hotel, 21 Piccadilly, London, W1J 0BH, Thursday 1st December.  For further information contact Felix Rigg on +44 (0)20 7087 5427 or Jason Birch on +44 (0)20 7087 5463