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.
Ladder Community Safety Partnership, the closest thing we have to a traditional residents' group for the Ladder.
~ 5% yield isn't a bad return on the investment and there'd possibly be scope for upping that with updating/reconfiguring some of the flats. 15 flats is a fairly substantial amount on top of the pub.
With it being listed I can't imagine it would be that tempting to buy speculatively. Trying to get planning to convert a popular pub that is listed would be a challenge.
On the topic of pubs and developers, this is a good read from a few years ago
The real worry is either a temporary 2 year use which just goes on and on - The Queens Head at Duckett's Common being a case in point - or just leaving it empty and boarded up, hoping the local authority will allow change to another use rather than leaving it to rot.
As happened with The Black Cap In Camden - however, hopefully, after six years of campaigning, that listed/ACV venue might well have been saved.
If the lease is within the remit of part II of the Landlord and Tenant Act 1954 (you’d need to have a look at the lease to see if it’s inside or outside the Act) then the operator of the pub would have the right to a new lease upon expiry.
subject to a freeholder being able to oppose the lease renewal on certain grounds including that they intend to redevelop. Compensation is paid to the tenant in such a situation.
this is on top of the other planning issues etc raised by Don.
Always assuming the pub operator can afford the new lease, of course.... If the freeholder offers a new lease at a massive increase, then that might effectively get rid of the current tenant and open the building up to other uses or redevelopment with vacant possession.
You are entitled to it at market rent, so a LL can’t just demand a huge increase to evict in that way.
That’s good to know, though a favourite cafe I used to visit in the West End was still forced out of business (under a 1954 act lease) because the current market rent was so much higher than the existing agreement — presumably originally set 7 or more years previously. Mind you, the head lessees then couldn’t do the massive development that caused the cafe’s ousting, let half the premises to a nail bar, went bust, and got foreclosed by their freeholders, so there was an element of justice (or at least schadenfreude) — but, of course, no more cafe at the end of it all.
Update on this here.