Investment sale of Saracens Head, Bath
August 28, 2018
Coffer Corporate Leisure has completed the investment sale of Saracens Head, Broad Street – the oldest pub in Bath – on behalf of a private client for a consideration of £3.25 million.
The entire property is subject to a long lease to Spirit Pub Company which is owned by Greene King Plc, the largest pub company in the UK. The purchase price of £3.25 million reflected a Net Initial Yield of 4.14%.
Jack Silvani, Coffer Corporate Leisure, said, “There is huge demand for defensible, secure, income producing assets at present. This pub has traded successfully for over 300 years – no other asset classes offer this level of continuity. We anticipate investor appetite for pubs of this calibre will continue to increase, particularly from institutional investors who are attracted by the liquidity of the assets.”
Coffer Corporate Leisure advised the Vendor, a private client. Ereira Mendoza advised the Purchaser, a private family office.