Colliers cheered by £10m of pub sales
PUBS and bars worth more than £10m were sold by the Manchester office of property agents Colliers in 2011.
The office achieved 60 property sales, bringing in proceeds of just over £10m – a 10% increase on the £9.1m achieved in 2010. These included the £1.5m sale by Mitchells & Butlers of the Queen of Hearts pub in Fallowfield to local brewer Hydes and the purchase of the Becconsall Hotel at Hesketh Bank, Preston, off an asking price of £1.2m. It was bought by HS land with a view to completing a residential development.
Colliers also sold the former Yorgios Mediterranean restaurant in Manchester city centre which subsequently became BlaBla Jazz Club and Robinskis bar in Fallowfield off an asking price of £600,000 to a local restaurateur.
Director Colin Siebert said: “We achieved an increase in the number and value of deals in 2011 compared to 2010, despite the testing market conditions affecting the licensed and leisure sector as much as the wider economy.
“Although a significant number of public houses were sold for alternative uses, an equally substantial total continued trading as licensed premises under their new owners.
“It remains a very difficult market and that’s unlikely to change throughout 2012 but a combination of keen pricing and buyers and sellers knowing the market still allows quality deals to be done.
“There has been an encouraging number of enquiries since the start of 2012. We have obtained acceptable offers in respect of three pubs that we’re marketing and interested parties want to view other pubs on our books.”
