Portfolio on market
CBRE to dispose of 34 Wetherspoon pubs
Wetherspoon is offloading 34 pubs, including five in Scotland, as part of a review of its property portfolio.
Consultancy CBRE has been appointed to handle the disposal of the pubs which are for sale together, in small packages or individually.
The are located in town and city centres across the UK. They include 27 which are owned either freehold or held on a long lease at a nominal rent. The remaining seven are held on leases with an average unexpired term of 18 years.
The units are generating total sales of more than £38 million, with an average weekly turnover per pub of more than £22,000 per week.
These properties are in addition to the 20 that were put on the market by JD Wetherspoon earlier this year.
Euan McGonigle, associate director in CBRE’s retail Scotland team, is handling the Scottish disposals. He said: “The JD Wetherspoon portfolio sale represents a unique opportunity to purchase a number of high volume businesses, all of which have seen sales grow in the last five years.
“Food sales represent more than a third of total sales in pubs, having increased by 40% over the same period, which makes them ideally positioned to benefit from the continued growth in eating outside of the home.
“We predict there will be strong interest from existing operators but also from new entrants who are keen to create a platform to build a successful portfolio.”
The properties are as follows (Scottish outlets highlighted in bold):
· Bedford – Banker’s Draft
· Blackpool – Auctioneer
· Chelmsford – Sir Thomas Mildmay
· Chester – Forest House
· Derby – Thomas Leaper
· Didsbury – Milson Rhodes
· Doncaster – Old Angel
· Dundee – Capitol (pictured above)
· Enfield – Picture Palace
· Glasgow – Society Room (pictured top)
· Gloucester – Water Poet
· Grangemouth – Earl of Zetland
· Hammersmith, London – Plough and Harrow
· Heanor – Red Lion
· Kingston Upon Hull – Zachariah Pearson
· King’s Lynn – Lattice House
· Lanark – Clydesdale Inn
· Liverpool – Lime Kiln
· Long Eaton – Twitchel Inn
· Mansfield – Courthouse
· Milton Keynes – Secklow Hundred
· Pontypool – John Capel Hanbury
· Portsmouth – Trafalgar
· Putney, London – Rocket
· Rotherham – Corn Law Rymer
· Sheffield – Swim Inn
· Stourbridge – Edward Rutland
· Stourport-on-Severn – Ye Old Crown Inn
· Stirling – 43-51 King Street
· Swindon – Groves Company Inn
· Trowbridge – Albany Palace
· West Kirby – Dee Hotel
· Wimslow – Bollin Fee
· Worthing – Sir Timothy Shelley