Disposal of the White Hart on the Green, Crowborough
September 22, 2022
Coffer Corporate Leisure has advised AEW UK Real Return Fund on the disposal of the White Hart on the Green public house in Crowborough for a price of £1.48 million
The White Hart on the Green is let to Stonegate Pub Company, Britain’s largest pub operator with c4,500 pubs. Stonegate have operated the pub since taking a 20-year lease in 2015, with currently 13 years unexpired.
The rent is £90,441 per annum and subject to review in 2025.
A price of £1.48 million reflected a net initial yield of 5.75% for the purchaser, a private buyer.
Mark Sheehan, Managing Director at Coffer Corporate Leisure, said “The investment market remains robust for good assets. Stonegate is an excellent operator, we have sold many investments let to them and demand is very strong. This is a well invested property at a sensible rent with good fundamentals.
The regional market is currently dominated by private buyers who see value public houses, including those who have already invested for the long term.
Despite current economic pressures, the pub sector has long attracted investors who see pubs as resilient in the long term and having properties that have often traded with the existing use for many years ”.
Coffer Corporate Leisure acted for the Vendor, AEW UK Real Return Fund.