The City Pub Group (CPC), the owner and operator of 52 pubs across Southern England and Wales, has acquired two pubs in London’s Soho and Oxford.
CPC has acquired what it claims to be a ‘premium freehold investment’ in the heart of Soho from Consolidated St Giles for a cash consideration of £3.87m ($4.70m).
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The freehold investment is currently operated as Simmons Bateman Street. It generates approximately £260,000 in rent annually.
CPC said the pub’s next rent review is scheduled for October 2027. The rent is subject to an RPI increase subject to a cap and collar. The remaining lease for the assets is 16 years.
Located on the Cornmarket in the centre of Oxford, the Plough leasehold pub benefits from 150 internal covers and 70-80 external covers.
The leasehold interest, which includes nine years unexpired, has been acquired by CPC from 1855 Cornmarket for a cash consideration of about £330k.
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By GlobalDataIn 2022, the pub reported an annual net turnover of about £1.45m.
City Pub Group plans to refurbish the pub while maintaining its unique heritage.
City Pub Group executive chairman Clive Watson said: “We are delighted to secure the acquisition of these two pubs, both of which are in locations where we have existing pubs nearby. Soho is a fantastic trading locale with high footfall from tourists, theatregoers and residents alike and we’re confident the acquisition will be a good long-term investment.
“The Plough is in the heart of Oxford, traded extremely well last year and we have exciting plans to reposition it to further maximise its potential.
“The Group will continue to look at further acquisitions which are located in areas where we already have a presence.”
CPC expects the acquisition to complement its premium pub portfolio.
The acquisition forms part of CPC’s efforts to focus on organic sales growth.
