PBR Selects Gerald Eve to Sell Licensed Leisure Portfolio
Gerald Eve has been appointed to sell a portfolio of 13 pubs, bars, nightclubs and hotels by PBR Leisure Ltd with great asset management potential.
They are Coyote Wild, in Derby, Boathouse and Klute in Durham, Cotton Factory, in Huddersfield and Halo/Quilted Lama and Prohibition, in Leeds. Chase, City Vaults, Riverside, The Lodge and the Waterside Hotel incorporating Jimmyz Bar in Newcastle. The other properties are Chase in Sunderland and in Whitley Bay the Rex Hotel including Jimmyz and Deep Bar and Nightclub.
They include eight freehold sites, two long leasehold properties, two freehold part-long leasehold properties and one short leasehold interest. They are available individually or as a package and have guide prices ranging from £1.75m for the Boathouse riverside bar in Durham to £375,000 for Chase bar in Sunderland.
The Lodge, a 450-capacity bar which was previously part owned by television celebrities Ant & Dec, is within an elegant corner building on the junction of Mosley Street and Dean Street in central Newcastle. The three-storey freehold was a former bullion bank and the cellar space retains some of the old bullion safes and doors and offers development potential.
The 24-bedroom Waterside Hotel occupies a handsome freehold, Grade II listed Georgian building overlooking Newcastle’s famous Swing Bridge on the city’s picturesque Quayside. Jimmyz Bar which has a 450-capacity occupies the majority of the ground floor. It has a guide price of £750,000.
The Halo nightclub and Quilted Lama bar and restaurant particularly popular with Leeds students are located in a fine 18th Century Grade II listed church on Woodhouse Lane, Leeds close to the University of Leeds and Leeds Met University attracting a guide price of £600,000.
The picturesque two-storey Boathouse pub situated in the heart of Durham city centre on the banks of the River Wear and the nearby three-storey 400-capacity Klute freehold nightclub on Elvet Bridge are firm favourites with Durham University students, but have potential for a wide range of licensed leisure uses.
Gerald Eve leisure partner Chris Ford said: “The portfolio has already attracted considerable interest from a range of operators and developers. This is a particularly rare opportunity to acquire so many interesting, freehold sites. A number of the properties are particularly elegant buildings and offer great potential for asset management gains through expansion, changing the licensed offer or indeed exploring alternative uses.”