Pub 2610 p67-69 property 22/10/09 11:04 Page 69
www.thepublican.com thePublican Monday 26/10/09 69
News Property
Agent says cost of finance is prohibitive Pick of the Pubs
Email claired@thepublican.com
Banks hold
The Grade II-listed Corner House is
in the centre of the Devonshire
town of Crediton, about eight miles
from Exeter. The four-storey pub
uprecovery
also includes a basement laid out
as a bistro, a main bar on the
ground floor, a restaurant and
kitchens on the second floor and
owner’s accommodation.
By Claire Dodd from banks has improved but that the
claired@thepublican.com issue now is the cost of finance. It Price: £295,000 (freehold) • Agent: Stonesmith • Tel: 01392 201262
says in April 2009, 22 per cent of
BANK DEMANDS for 45 per cent requests for credit were accepted.
deposits are continuing to prevent a That rose to 28 per cent in August
recovery in the pub property market, 2009. The Red Lion is in the
according to a leading agent. A spokeswoman said: “Interest Worcestershire village of Cookley,
Mark Greig, managing director of rates are at a historic low and so the midway between Kidderminster and
London-based Paramount Invest- banks really have no excuse not to Stourbridge. The pub has a main
ments, criticised what he called “the lend at low rates. But they are still bar with darts throw, a split level
continued reluctance of banks to lend hiking up their charges on overdrafts lounge, and a pool room and three
to potential pub buyers”, saying that and loans.” bedrooms. Outside there is a front
businesses are still “paying the price Established operators are finding it and side decked patio, a rear trade
for the banks’ recklessness in the easier to access funding. Tony garden and car park for 17.
years prior to the crisis of 2008”. Brookes, who owns the nine-strong
Greig said: “There is a lot of Head of Steam pub company, secured
interest in pubs because of the flexi- part of the £1.15m funds for new pub,
bility they offer in terms of planning. the Central Hotel, from the Royal
But when it comes to finding the cash Bank of Scotland. Price: £250,000 (freehold) • Agent: Fleurets • Tel: 0121 2365252
for a 45 per cent deposit, few people “If you have a good credit rating, a
have that kind of money lying around. good trading history and are seen as
“The banks will start lending low risk then banks are open for busi-
money sooner or later, but until they ness,” he said. The Red Pig is in the village of
do, the recovery in the pub sector will Llanddeusant at the western edge
be held back.”
www.thepublican.com
of the Brecon Beacons National
However, research carried out by
/property
Park in Carmarthenshire, Wales.
the Federation of Small Businesses The pub, which is available on a 10-
(FSB) shows that access to credit year private lease, includes a public
bar for 20, a dining room for 36, a
trade garden and four-bedroom
owner’s accommodation. Rent is
£20,000 a year.
Price: £30,000 (leasehold) • Agent: Sidney Phillips • Tel: 01981 250333
THIS WEEK’S HOT PROPERTY
The Grade II-listed Kings Arms Inn
in the village of Stockland near
Honiton, Devon, dates from around
1600. The pub, which hosts live
music at weekends, has two main
bars, a restaurant, a skittle
alley/function room, three letting
rooms, a trade garden, car park,
private owner’s garden and two-
bedroom owner’s accommodation.
Fuller’s celebrated the completion of a £1.8m refurbishment of its pub the Hampshire Hog in Trade is split 60 per cent dry, 25
Clanfield, Hampshire, with a re-opening ceremony attended by cricketer, Shaun Udal. Simon per cent wet and 15 per cent
Emeny, managing director of Fuller’s Inns, said: ‘The Hampshire Hog is a fantastic county pub accommodation.
and its 20 gorgeous new bedrooms really must be seen to be believed. It is a great asset to
the community and to Fuller’s and I am very proud to have it as one of our pubs.’ Pictured Price: £55,000 (leasehold) • Agent: Christie + Co •Tel:01932 285600
(from left) are Shaun Udal and Simon Emeny with the Fuller’s Shire horses, Griffin and Pride.
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