Old Pubs are Ripe for Redevelopment

Commercial lender, Lancashire Mortgage Corporation says that with over 50 British pubs closing their doors each week, abandoned boozers are becoming an increasingly popular target for commercial property investors.

The firm says that whilst conversion to residential use is a common fate for deserted watering holes, the location and layout of many public houses also makes them eminently suitable for a wide variety of alternative commercial purposes.

Many suburban pubs are sizeable and conspicuous properties surrounded by densely populated residential areas. As such, they are ideal candidates for businesses such as nurseries, pharmacies, salons and convenience stores. The fact that many pubs come with additional land in the form of gardens and car parks also makes them highly desirable for entrepreneurial investors.

Gary Bailey, Director of Lancashire Mortgage Corporation said:

"We are receiving an increasing number of introductions from brokers whose clients are specifically targeting empty pub buildings with the intention of converting them into commercial units. Last month the number of pubs that we lent on had trebled in comparison to our Q1 average for this type of property.

"Recently a broker has brought us several cases from a client that has an arrangement with a well known chain of convenience stores. He ascertains where they wish to open new outlets, then purchases deserted pubs in these areas and prepares them for the retailer to move in. We've also seen several instances where pubs have been purchased with the intent of converting them to restaurants.

"Obviously, the great British pub is an important part of our national character and it's a shame that so many of them are being forced into closure, but every cloud has a silver lining. Now that the commercial property market is beginning to show signs of life the trade in vacant pub buildings is proving to be a useful source of revenue for brokers and their clients, whilst simultaneously protecting these characterful old buildings, many of which are steeped in tradition and history, from dereliction and demolition."

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	Old Pubs are Ripe for Redevelopment Commercial lender, Lancashire Mortgage Corporation says that with over 50 British pubs closing their doors each week, abandoned boozers are becoming an increasingly popular target for commercial property investors. The firm says that whilst conversion to residential use is a common fate for deserted watering holes, the location and layout of many public houses also makes them eminently suitable for a wide variety of alternative commercial purposes. Many suburban pubs are sizeable and conspicuous properties surrounded by densely populated residential areas. As such, they are ideal candidates for businesses such as nurseries, pharmacies, salons and convenience stores. The fact that many pubs come with additional land in the form of gardens and car parks also makes them highly desirable for entrepreneurial investors. Gary Bailey, Director of Lancashire Mortgage Corporation said: "We are receiving an increasing number of introductions from brokers whose clients are specifically targeting empty pub buildings with the intention of converting them into commercial units. Last month the number of pubs that we lent on had trebled in comparison to our Q1 average for this type of property. "Recently a broker has brought us several cases from a client that has an arrangement with a well known chain of convenience stores. He ascertains where they wish to open new outlets, then purchases deserted pubs in these areas and prepares them for the retailer to move in. We've also seen several instances where pubs have been purchased with the intent of converting them to restaurants. "Obviously, the great British pub is an important part of our national character and it's a shame that so many of them are being forced into closure, but every cloud has a silver lining. Now that the commercial property market is beginning to show signs of life the trade in vacant pub buildings is proving to be a useful source of revenue for brokers and their clients, whilst simultaneously protecting these characterful old buildings, many of which are steeped in tradition and history, from dereliction and demolition." << Back to News	No current news to display. For more news click here
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