New Cross Inn and Royal Albert up for sale

The recently-refurbished New Cross Inn is up for sale. Transpontine reports that:
Christie + Co state that it 'has been instructed to obtain bids for a substantial freehold investment in London. The New Cross Inn is a distinctive building with Victorian features including a domed turret and arched windows.'

It is in a prominent position between New Cross and New Cross Gate stations.The investment is split into two distinct businesses and has recently undergone an overhaul with capital expenditure of £80,000. There is a ground floor and basement live music bar with a 10-year free-of-tie lease and a current rental income of £36,000. The upper floors are presently operated as a hostel with 80 beds, a 10-year lease and a rental income of £60,000. Christie + Co is inviting bids for the freehold investment with a guide of £1,200,000'.

UPDATE: BCers have pointed out that the freehold for The Royal Albert pub, further down the New Cross Road is also up for sale.

19 comments:

Anonymous said...

Nick, the new cross inn hasn't been refurbished recently. New Cross inn is the pub next door to the Venue. New Cross House pub is the one which was recently refurbished. which one are you talking about?

Brockley Nick said...

They both have been. New Cross Inn wasn't massively radical, but it was smartened up a couple of years back.

Anonymous said...

Income of £96k and a price of £1.2m. That only makes sense if you're going to knock it down and do something else with it, doesnt it?

Brockley Michael said...

EIGHTY beds? Good Lord.

kolp said...

I hope Tescos haven't got wind of this!

Speaking of supermarkets I see the Sainsbury's local has been fitted out so opening soon...

Anonymous said...

A Tescos would work well in the area. Good, honest meat at a decent price.

Anonymous said...

Does this mean it can be used for something other than a pub? I hope not, because with the Albert also up for sale, there's a serious danger that New Cross will not have any pubs left soon...

Anonymous said...

The Albert is up for sale!? Really? Why?

Anonymous said...

I don't know how old this link is, but it looks like it

http://www.primelocation.com/for-sale/details/26754922

Transpontine said...

Yes, the freehold for Royal Albert and neighbouring terrace does seem to up for sale.

http://images.vebra.com/tp/1041/1/details/247951.pdf

However it seems that there is still 12 years to run on the lease for the pub

Anonymous said...

80 beds!

Bunk beds for backpacking types. Free entry to an international snoring competition. Which, I guess, starts sometime after the bands and DJs have packed up downstairs. How anyone gets some sleep with lorries thundering down the A2 is a mystery.

Presumably these beds are a bit cheaper than the hostels uptown.

Anonymous said...

The pub lease on the royal Albert may run to 2024, but I don't believe TBAC Ltd is one of Antics. Tbac may happily agree to end the lease, to same them some money and thus kick out Antic.

Just. Hangsing said...

If only I 1,2 to 1,5million I would buy it! Both are lovely buildings!

Anonymous said...

They're both well overpriced freeholds, with a sting.

Transpontine said...

TBAC Ltd who lease the pub are associated with Antic (they have same address).

I have posted about the pub's history here

Anonymous said...

you could always use the french bistro pub the Talbot.

Anonymous said...

TBAC Investments Ltd are in receivership, The Black Ant Company Limited has gone into administration. These were two property companies associated with Antic (common directors etc.)

It seems that one of these may own the Royal Albert, which may mean building is now in hands of receivers. Some of their property is up for sale here, including land behind The Westow House in Crystal Palace: http://www.moorfieldscr.com/properties-for-sale/

What implications this has for Antic is unclear. The pub running company is still trading, but is its business model based around a friendly company owning many of its buildings?

Anonymous said...

Antic seem to start with leases and later buy the freeholds of the pubs they run.

I guess this is straightforward in some cases (where they buy from PubCos who know the business and are trying to dispose of their pub property portfolios.) But in other cases the negotiations with the freeholder may be complicated or the valuation unrealistic.

I suspect there is a bit of a leasehold/freehold poker game going on between these property companies and their various proxies.

There are news articles in the pub trade press that mention Antic.

http://www.morningadvertiser.co.uk


Beefeater said...

Good, honest horse?

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