Article DetailsAdmiral Taverns Freehold Pub For Sale In Norwich |
| Date Added: April 22, 2009 04:01:09 PM |
| Author: Ian Brown |
| Category: Real Estate Marketing |
| The asking price for a Norwich pub has been slashed almost in half as the credit crunch hits both buyers and drinkers.Over £200,000 has been knocked off the asking price of The Elm Tavern, in Magdalen Road, since it was first put up for sale just six months ago.There have been more appealing times to be a landlord as the financial crisis is forcing drinkers to think long and hard before they reach in their pockets. Originally advertised at £500,000 in April, the 166-year-old pub is now up at just £280,000 as the property market takes another hit.The trade is suffering because of last year's smoking ban, rising tax bills and competing with cheap supermarket drinks.But the credit crunch is being blamed for the recent pub crisis, which has seen city boozers closing and changing hands on a monthly basis. A number of pubs have closed and research shows the number in the city of Norwich has fallen to below 150, compared to 363 in 1905.London-based selling agent Paramount Investments is hoping the new price for the Elm Tavern, which is being sold by Admiral Taverns, will help to secure its future.Managing director Mark Grieg said: “In the light of comments made by several interested parties, we have decided to all but halve the price of The Elm Tavern public house.“Falling property prices are creating tremendous bargains within the pub market for licensees who know they can respond to the challenges facing the modern trade.“To be able to go in to this business knowing your initial costs have been cut by £220,000 makes the pub a much more profitable proposition.”But Craig McLaren, from the Licensed Victuallers Association, said: “Footfall in all pubs has gone down two-thirds in the last twenty years, and there just isn't the demand that there used to be.“There are four or five other pubs near the Elm Tavern, and there's only room for the best ones. When it was built the demand for pubs was very high, but now beer sales are falling by 20pc year on year.“Hopefully a developer will move in and buy the site and make something else of it, because the community certainly doesn't need a pub.“We're going to lose a lot of pubs like that because they are no longer required.”Full details for those interested in buying the Elm Tavern in Norwich are available at the Paramount Investments pub and licensed property sales web site Paramount Investments are specialists in sourcing freehold and leasehold pubs for sale and other pub company or brewery investment opportunities in England, Scotland and Wales for potential property investors.
Paramount Investments 150 West End Lane Web: http://www.paramount-investments.co.uk |
