Harringay, Haringey - So Good they Spelt it Twice!
Salisbury freehold for sale
Given we're all supposed to have saved a fortune during lockdown, this could be the moment to take a look down the back of the sofa and see if you've got £6.2 million in 10p pieces there to buy a lovely period des res on the corner of St Ann's and Green Lanes....
E-mail ad attached, or for full details: www.allsop.co.uk/resources/2021/10/LONDON-Harringay-Salisbury-Hotel... (Link no longer working)
PS Note from site admin - having noticed that the link is now deasd I've downloaded, resized and attached below their pdf brochure.
Tags for Forum Posts: community assets, localism act, salisbury acv
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Permalink Reply by Dan77 on
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"The commercial element is let for an unexpired average term of 7.20 years (6.50 years to break)." Does this mean we can look forward to pints in the Salisbury for another seven years, before the vultures move in? Or is it somehow protected as a pub in perpetuity? Anyone know?
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Permalink Reply by Don on
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I think it’s a break-clause allowing rent review (increase) in 6.5 years with the lease itself ending in just over 7 years’ time. The building is Grade II* listed, giving some protection on physical changes, but not an Asset of Community Value, which might help keep it as a pub. Biggest danger looks as though it might be when the current pub lease ends, if the then freeholder tries to get permission to convert the building into flats, say. As this is a freehold sale and there’s already a lease for the pub in place, presumably beer will continue to flow for now.
Question is: why would someone pay over £6 million now for potential rent income of just over £2 million up to the end of the current pub lease? Hopefully an investor who sees long-term income potential from current and future leases, but given how pubs are disappearing all across London there must be a danger of a speculative purchase by a developer looking to divide the building up and sell it off in seven years’ time.
If Hugh sees this, maybe he could shed some light on the listing/use aspects, given his knowledge of local history and planning?
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Permalink Reply by Michael Anderson on
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Maybe it’s time that The Salisbury was listed as an Asset of Community Value. It would need to be done by an established community group though.
https://www.haringey.gov.uk/planning-and-building-control/planning/...
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Many local authorities use the designation as a material consideration in any planning decisions. That with its grade II listing would give it an extra layer of protection. And of course there would always be the option of a community buy out if the designation was agreed and it went on the market at some future date. The story of The Antwerp Arms is heartening
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Permalink Reply by Hugh on
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Thanks. I don't know if the good citizens of Harringay would ever get round to stumping up £6.2M. But the layer of extra protection sounds worth going for.
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Couldn’t agree more, Hugh. LB Haringey lists only a few ACVs on its website (of course the legislation itself is quite recent), but two of them are indeed pubs. I think the present freehold sale may be immune to ACV conditions, though, because it looks as if there’s an exemption for sale as a going concern, which the pub obviously is, and the lease still has years to run.
What I couldn’t work out is if listing is conditional on a community group actually being able to make a realistic offer at the time of sale (in this case, presumably much more than £6 million by around 2027/28) to get first refusal, or if it can be a pre-emptive strike to achieve protection now in case of a potential future sale. Do you have to show that your group is a potentially viable owner/operator of the asset to get the listing? Maybe we’ll all have to practice pulling pints.
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The government policy statement says
These provisions give communities a right to identify a building or other land that they believe to be of importance to their community’s social well-being. The aim is that, if the asset comes up for sale, then they will be given a fair chance to make a bid to buy it on the open market. If the nominated asset meets the definition of an asset of community value, the local authority will list it. The owner will have a right to an internal review by the council, and a right of appeal to an independent tribunal against the result of the internal review.
So the application is not tied to an intention to purchase, only that the option should be made available to the community - in other words there’s nothing to lose by applying. Also, when selling the seller will of course need to declare that it is a registered Asset of Community Value which may but off potential buyers who would be looking at major changes of use or wholesale demolition.
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I think the real benefit is less that people may want to buy it (it seems unlikely that the local community has deep enough pockets) but also that there is notification that it is for sale.
Where necessary, this may give the community chance to mobilise resistance instead of being presented with a done deal.
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