Article DetailsEmpty pubs being bought by property developers |
| Date Added: May 22, 2008 07:55:44 PM |
| Author: NW6 Estate Agent |
| Category: |
Mark Greig, head of the Paramount investment property team, suggests that ‘Professional and individual buy to let property investors who can make rapid buying decisions and proceed quickly are being attracted to the ‘distressed pub market’. Paramount Investments are specialsists in sourcing Pubs for Sale, Freehold Pubs for Sale, Leasehold Pubs for Sale and other Pub Company or Brewery Investment Opportunities in England, Scotland and Wales for potential property investors. According to Moneyfacts, the number of available buy-to-let mortgages stood at 3,362 last August but had plummeted to just 926 by the start of April. So if you want a buy-to-let mortgage today, you would have 73% fewer deals to choose from. Iit is worth remembering that buy to let property should be viewed as long term investments, whose benefits will be felt over a period of at least 5-10 years. So where are these 926 savvy or brave property investors looking for returns in the future? ‘The state of the economy has hit the pub trade hard, says Mark Greig: "The pub trade is going through troubled times thanks to last year's poor summer, the smoking ban and fears of a recession. The big breweries know the value of the properties. “Many of them have decided that it is more profitable to sell them off to property developers for housing than run them as a pub.” Read Paramount's Pub Sales Blog with news from the Morning Advertiser and The Publican ‘We advise national pub companies on property acquisitions, disposals, estate management work and associated commercial issues. The market is very active in the sale of trading or closed pubs for re-development conditional upon planning and licensing. Pubs in the North West and North of England and Wales have been particularly affected,’ he continued. ‘We are slashing prices on “dozens” of pubs which is good news for entrepreneurs who can see the potential in these empty pub sites for redevelopment” Search Paramount's pubs, public houses and other licensed properties for sale in UK Recent figures from the Greater London Authority back this up revealing a massive increase in the number of fresh applications for planning permission for new homes on existing non-residential sites such as pubs, bars, clubs and hotels. More than 130,000 planning applications were lodged last year and conversion work has already begun on 85,000 sites. The figures for the previous year were 90,000 and 40,000.
'But finding the perfect pub for development doesn't happen by chance. The ability to determine your investment needs, identify problem areas and ask the right questions will help you make the right property investment choice before you proceed with any agreement' Mark says. 'Today we have had 8 new pubs that have never before on the market before. They all have their own redevelopment angle with out buildings and car parking space. One comes with an acre of land'.
We have also seen a rise in the number of pubs being purchased by people wishing to occupy them as their main home and residence. Buyers have found in a number of instances it is cheaper for them to buy a pub rather than a similar size house in the same road. In other instances we have found self employed buyers, buying pubs to live in and occupy the upstairs and continue the running of their business from the ground floor, as it is possible to use the ground (A4) for other uses such as restaurant (A3), office/estate agency (A2) or retail (A1) without the need for any lengthy planning applications.
Paramount Investments are specialists in sourcing freehold and leasehold pubs for sale and other pub company or brewery investment opportunities in England, Scotland and Wales for potential property investors. Paramount Investments 150 West End Lane |
