Leeds Slug & Lettuce primed for sale
Offers of £1.7m and above are being invited for the Park Row property, which is let until 2038 to Stonegate Pub Company.
The sale process is being carried out by Carrick Real Estate, which said that a sale at £1.7m would reflect a net initial yield of 6.65%. The vendor is a private family interest.
Stonegate’s lease on the freehold property was extended by five years in 2020. The passing rent is £120,100 per year, with an open market rent review due at the end of 2023.
The ground floor bar at 14 Park Row extends to 3,076 sq ft, with a further 659 sq ft of basement space. The upper residential floors are let on a long lease until 2997.
The venue sits in Leeds’ prime retail and leisure district, fronting the eastern side of Park Row. Other hospitality operators in the area include Indian Tiffin Room, JD Wetherspoon, Gaucho, Gusto, The Alchemist and the Dakota hotel.
Stonegate’s estate now extends to around 4,750 pubs and bars across the UK, with its other brands including Yates’s, Be at One and Walkabout. The company turned over around £1.6bn in 2022.