Disposal of The Whittle Taps, Cheltenham
August 23, 2022
Coffer Corporate Leisure has advised an institutional client on the disposal of 1 Regent Street, Cheltenham – a public house investment trading as The Whittle Taps.
The property is single let to Stonegate Pub Company for a further 22 years.
The price of £2,800,000 reflected a Net Initial Yield of 5.80%.
Mark Sheehan, Managing Director at Coffer Corporate Leisure, said “We are transacting a lot of pubs regionally at present, highlighting the robust health of the sector. This property is in the town centre and let to a strong covenant who had re-geared the lease. Stonegate Pub Company is the largest pub operator in Britain and are known to invest in their properties. In the last 6 months, we have completed a dozen pub investments with Stonegate as the tenant and demand has been strong. Fundamentals remain important.
The wider leisure sector is showing resilience. Within the sector we have completed transactions recently including health clubs, bowling, mixed-use, restaurants, nightclubs, live music, and restaurants this year so far.”
Coffer Corporate Leisure acted for the Vendor, an institutional client. Philips Lockhart Starr acted for the Purchaser.