Package of three North West bars sold to tenant
Register for free to receive latest news stories direct to your inboxRegister
A package of three North West bars has been sold by the Manchester office of leisure property specialists Fleurets on behalf of Star Pubs & Bars, part of the brewing giant Heineken.
The properties are Kuckoo in Preston, which was marketed off a guide price of £225,000, Kuckoo in Knutsford, which was marketed off a guide price of £400,000, and the Fox & Grapes, also in Preston, which was marketed off a guide price of £140,000.
The sale prices have not been disclosed.
The freeholds for these properties were openly marketed and received strong interest, however they have successfully been acquired by the existing tenant of all three sites, Chris Powell, director of Kuckoo, who said: “Following the completion of the sale, we can now look forward to a period where we can fulfil our ambitious plans to renovate and enhance the buildings, particularly Kuckoo Preston, to the same high standards as Kuckoo Knutsford and our other cocktail bars in Chester and Sheffield.”
Tim Martin, of Fleurets, said: “I am pleased for Chris as commercially it makes a lot of sense for him, freeing him from his rental liability.
“It is always pleasing to sell a pub to an existing tenant, knowing the business is in safe hands that not only know the business inside out, but also cherish it.”