FIVE premises of a liquidated North-East pub chain have been sold or leased for more than £1.4m, the largest licensed property deal in the region this year.
Premises of failed chain Centro Pubs, which had bars in Durham, Sunderland, Newcastle, Tynemouth and Morpeth, have been snapped up by regional entrepreneurs.
The fact that the new owners plan to maintain the premises as going concerns bucks the national trend of licensed premises closing down because of tough trading conditions.
The sales were brokered by property consultancy firm Sanderson Weatherall, whose director, Adrian Mattock, said: “To have contracts signed for five businesses in this period is practically unheard of in good market conditions, let alone when the economy is contracting. The deals show there are still buyers in the market for the right property at the right price.”
The properties that have changed hands include Reform Place, in North Road, and Shamrox, in Claypath, both Durham, and Shamrox in Newcastle.
Reform Place was sold to Tony Brookes, owner of the successful Head of Steam chain, which holds regular live music events at its venues in Newcastle, Huddersfield, Liverpool and London.
Two pubs from the original Centro portfolio, which called its last orders in November 2008, are still to be sold.
One, Jimmy Allen’s, occupies a former dungeon on Elvet Street, Durham. The other outstanding property is Victoria’s, on Low Row, Sunderland.
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