Tue, 12 Apr 2011 | DIVISION SALE
More than 80 pubs that formed part of the defunct Laurel Pub Company are due to be put up for sale during the next year as potential investment opportunities.
The first round of sites has already been put on the marked, comprising 15 pubs, the majority of which operate under the Slug & Lettuce brand. Property advisers DTZ are marketing the sale, together with Fleurets - both working on behalf of administrators Ernst and Young.
The 80 pubs are all held in one of three Laurel companies that are all in administration: Yates Propco Ltd, Pumpster Property Ltd and S&L Propco Ltd.
The 15 pubs in the first offering are being marketed in two lots: 11 Slug & Lettuce branches across the UK, and four individual pubs in Luton, Glasgow, Sheffield and London's Leicester Square. The price of the 11-pub lot has been set at £18.2 million, reflecting a net initial yield of 7.5 per cent. The sites are held on unexpired leases of in excess of 18 years and have a total annual rent of around £1.395 million.
Of the four individual pubs, the Slug & Lettuce in Leicester Square is looking at offers in excess of £3.4 million for the long leasehold investment; the Yates's in Sheffield is being marketed for in excess of £1.5 million for the leasehold investment. The Glasgow Yates's is considering offers in excess of £1.65 million for the freehold investment, while offers more than £2.5 million are being considered for the freehold investment of Luton's Red Lion.
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