More abandoned pubs snapped up by commercial investors

More abandoned pubs snapped up by commercial investors




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As over 50 pubs close their doors each week in the UK, abandoned watering holes are becoming an increasingly popular target for commercial property investors, according to commercial lender, Lancashire Mortgage Corporation. 

Last month the number of pubs that the firm lent on had trebled in comparison to its first quarter average for this type of property, whilst enquiries from brokers whose clients are specifically targeting empty pub buildings with the intention of converting them into commercial units have increased.
 
The firm says that whilst conversion to residential use is a common fate for deserted drinking spots, many public houses are large properties based in residential areas, so are also suitable for alternative commercial purposes, such as restaurants, 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: “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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