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Mon 4th Mar 2013 - Breaking News - Ten Barracuda freeholds come on the market
CBRE seeks to raise £8.25m through sale of ten Barracuda freehold investments: Leisure agent CBRE has put ten pub freeholds tenanted by Bramwell Pub and Bars, worth a total of £8,250,000, on the market on behalf of Barracuda Propco 2 Limited. Bramwell Pubs and Bars Limited was formed in October 2012 following the operational and financial restructuring of Barracuda. As part of the restructuring, the operating company and property company were separated. The operating company was renamed The Bramwell Pub Company and benefited from a credit facility of up to £10 million from Värde Partners, which is a privately held investment manager specialising in alternative investments. CBRE stated: “This has put the tenant on a more firm financial footing allowing planned investment in service, training and refurbishment. A new management team was appointed with Adam Fowle, ex Mitchells and Butlers’ chief executive as chairman and Roger Moxham as chief executive. Roger had previously been managing director of the Town Centre and Value division within Mitchells and Butlers where he worked for 25 years.” The pubs are: Bird In Hand, Forest Hill (rent is £36,000 per annum, producing a 7.60% yield on a guide price of £450,000), The Graduate, York (rent is £152,553 per annum producing a 9% yield on a guide price of £1,600,000), Hornblower Tavern, Ripon (rent is £40,773 per annum producing a yield of 8.70% on an asking price of £450,000), Ketton Ox, Yarm (rent is £77,682 per annum producing a yield of 9% on an asking price of £820,000), the Lamb, Edmonton (rent is £30,000 per annum producing a 7.10% yield on an asking price of £400,000), the Old Crown Royston rent is £79,894 producing a 8.1% yield on an asking price of £930,000), Proverbial, Harbourne (rent is £96,372 per annum producing a 9.1% yield on an asking price of £1,000,000), Psalter Tavern, Sheffield (rent is £71,392 producing a 9% yield on an asking price of £750,000), Travellers Friend, Woodford Green (rent is £36,204 producing a 7.60% yield on asking price of £450,000) and Varsity, Durham rent is £136,930 per annum, producing a yield of 9.25% on an asking price of £1,400,000).
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