Bar sale ‘demonstrates property upturn’ in London

cos barThe licensed property market in London is continuing to improve, according to a leading property specialist after the sale of a bar by pub entrepreneur Terry O’Sullivan and his daughter Charlotte Labbett.

The free-of-tie leasehold interest in Cos Bar (pictured) in Queen Victoria Street, Blackfriars, has been sold for £395,000 to Philip Ashby-Rudd who owns and runs hotels in Lulworth Cove, Dorset.

It was sold by specialist property adviser Christie + Co which pointed to it as the latest evidence of a recovery in the pub property sector in the capital.

Stewart Harkness, associate director of Christie + Co’s licensed division in London, said: “The swift sale of Cos Bar and the high price it achieved demonstrates once again the bullishness of the London pub property scene — across both leasehold and freehold sales — when compared with the rest of the UK.

“The appetite amongst investors for pubs situated in London, particularly the centre of the City, has remained undimmed during the last few years of economic turmoil. And as we inch towards recovery, I think this sale suggests that pub property prices in the capital look set to soar even further.”

O’Sullivan is best known for building up small pub groups such as Wishing Well Taverns which he sold 10 years ago to The Bar Group.

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