Investment Disposal of The Dartmouth Arms, Tufnell Park
May 5, 2023
Coffer Corporate Leisure has successfully advised a private client on the sale of 35 York Rise, NW5 – a freehold public house and residential investment.
The property, trading as The Dartmouth Arms, has operated as a public house for more than 150 years and is currently let to Disappearing Dining Club for a further 13 years. The upper parts comprise two 2-bedroom apartments, both let on ASTs.
The price of £1,910,000 reflected a blended Net Initial Yield of 5.84%.
Jack Higgitt, Coffer Corporate Leisure, said “Transactional activity in the pub sector has remained stable in recent months, with interest and pricing driven by a lack of quality assets. Investors are comfortable without strong covenants if they have confidence in the operator and the asset has strong property fundamentals.
We have been involved in a number of pub transactions this year, both in London and regionally. Those that have occurred have been to experienced purchasers of these types of assets, taking advantage of a limited buyer pool, and in some cases, slightly reduced pricing. We expect this trend to continue into the summer.”
Coffer Corporate Leisure acted for the Vendor, a private client. Colliers acted for the Purchaser, an institutional client.