An extremely rare opportunity to acquire a trophy public house investment in the Covent Garden district of Central London let to Greene King
Summary
- Freehold public house originally dating from c1850
- Prime location in the centre of London’s theatreland
- Close to the Royal Opera House and the London Transport Museum
- Substantial property arranged over five levels extending to approximately 8,112 sq ft
- Entire property let to Spirit Pub Company (Managed) Limited with a guarantee from Punch Pubs & Co Limited
- We are instructed to seek offers in excess of £7,250,000 which reflects a Net Initial Yield of 4.4% and a capital value of £894 psf.
- Spirit Pub Company is wholly owned by Greene King who currently operate over 3,100 pubs across the UK including brands such as Metropolitan Pub Company, Chef & Brewer and Farmhouse Inns
- Punch Pubs currently own over 1,200 pubs through the UK
- Current rent of £340,058 per annum
- Subject to an outstanding open market rent review due in December 2024, together with a further rent review scheduled for 2029
- Lease expires in June 2034
- Business unaffected by sale
Accommodation
The accommodation comprises the following areas: GROUND FLOOR The ground floor comprises an open plan trading area with a central bar servery and seating on a variety of loose tables, chairs and bench seating for approximately 73 customers. Ancillary accommodation comprises a disabled WC and ladies & gentlemen’s WCs. BASEMENT The basement comprises a cellar and stores. FIRST The first floor is accessed from the ground floor trading area and comprises a function room with separate bar servery and seating on loose tables and chairs for 70 customers. Ancillary accommodation comprises ladies and gentlemen’s WCs. SECOND The second floor comprises ancillary accommodation including a trade kitchen with dumb waiter, staff room, office and staff training room. THIRD The third floor provides the managers accommodation which comprises kitchen, living room, bathroom, separate WC and four double bedrooms. EXTERNAL Externally there is seating fronting Great Queen Street and Drury Lane for 16 customers held by way of a pavement licence with the City of Westminster which falls outside of our clients freehold title.
| Name | sq ft | sq m | Availability |
| Basement | 1,694 | 157.38 | Available |
| Ground | 1,788 | 166.11 | Available |
| 1st | 1,717 | 159.51 | Available |
| 2nd | 1,647 | 153.01 | Available |
| 3rd | 1,266 | 117.62 | Available |
| Total | 8,112 | 753.63 |
Location
Located in the heart of London’s West End, Covent Garden is renowned as being at the centre of the capital’s tourism and entertainment scene, attracting in excess of 44 million visitors per year. The district is renowned for its culture with over twenty thriving theatres including the Royal Opera House and Theatre Royal Drury Lane as well as numerous museums such as the London Transport Museum.
The Prince of Wales occupies a prominent corner position at the intersection between Drury Lane and Great Queen Street with occupiers nearby including the De Vere Grand Connaught Hotel, The Gillian Lynne Theatre, ITSU, Barrafina and the Freemason’s Hall. The property is a short distance from many restaurants, bars, fashion retailers and theatres that make up Covent Garden.
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Mainline Stations
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Charing Cross9 mins
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City Thameslink15 mins
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Farringdon16 mins
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Blackfriars16 mins
Underground Station
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Covent Garden3 mins
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Holborn4 mins
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Leicester Square7 mins
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Tottenham Court Road8 mins
Further Information
Price Offers in excess of £7,250,000
Rates Payable Upon Enquiry
Description
The Prince of Wales is arranged over ground, basement and three upper floors with stone elevations beneath a flat roof.
Situation
The property is situated on Drury Lane, a short distance from Covent Garden Underground Station, in the heart of theatreland making it ideally positioned to benefit from the high number of visitors generated by the diverse entertainment offering.
The Prince of Wales is surrounded by the popular tourist destinations of Oxford Street and The British Museum to the north, Covent Garden and The Strand to the south along with Leicester Square, Seven Dials and Piccadilly to the west, each with their own diverse entertainment and retail offering.
Tenure and Tenancy
The property is held freehold (Title Number 426466).
The entire property is let on a 30 year lease to Spirit Pub Company (Managed) Limited (Company Number 05269240) and guaranteed by Punch Pubs & Co Limited (Company Number 03982441) expiring on 23 June 2034 at a current rent of £340,058 per annum which is subject to an outstanding open market rent
review
In addition to the statutory right to renew the lease under the Landlord and Tenant 1954 Act, the tenant also has a contractual right to renew the lease for a further 30 years on the same terms.
There is an Authorised Guarantee Agreement from Spirit Managed Inns Limited (Company No. 05266815) and a guarantee of the Authorised Guarantee Agreement from Spirit Intermediate Holdings Limited (Company No. 04914762).
Planning
Our initial enquiries of the local authority have revealed that the property is not listed although it is located within the Covent Garden Conservation Area.
Covenant
The property is let to Spirit Pub Company (Managed) Limited (Company No. 05269240), which forms part of the wider Greene King Limited group. Greene King is one of the UK’s largest pub operators and brewers, operating a portfolio of over 2,700 pubs, restaurants and hotels across England, Wales and Scotland, including brands such as Metropolitan Pub Company, Hungry Horse, Chef & Brewer, Farmhouse Inns, Flaming Grill and Greene King Inns.
In its latest published accounts for the 53 weeks ended 4 January 2026, Greene King Limited reported group revenue of £2.539 billion and
adjusted operating profit of £217.4 million.
In 2019, CK Asset Holdings completed the acquisition of Greene King for £2.7 billion making this one of the largest ever portfolio acquisitions in the pub sector.
The lease is guaranteed by Punch Pubs & Co Limited (Company No. 03982441), which forms part of the wider Punch Pubs Group Limited. The group is one of the UK’s largest pub operators, owning and operating approximately 1,266 pubs across the UK. In its latest published accounts for the 52 weeks ended 10 August 2025, the group reported revenue of £337.9 million and EBITDA of £95.9 million. In December 2021, the business was acquired by Fortress Investment Group for approximately £1.0 billion.
The Market
The leisure and hospitality sector in London has continued to show strong trading performance throughout 2025 and into early 2026, supported by resilient consumer demand and ongoing investor appetite for public house assets. The improving operator performance in London is best illustrated by the latest trading updates from Young’s, Fuller’s and Urban Pubs & Bars.
London continues to be recognised as one of the worlds safe havens for property investors. Its status as a leading global financial centre and as one of the most visited cities by tourists continues to drive investor and occupier demand.
Investor demand for London assets remains incredibly strong particularly for buildings which are let to strong covenants on long leases. Occupier demand for premises in prime London locations continues to push rental growth in the capital.
VAT
It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT.
EPC
D-85
Proposal
We are instructed to seek offers in excess of £7,250,000 (4.4% NIY) assuming usual purchaser’s costs.
A sale at this level would reflect a low capital value of £894 psf.
The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.
Contact
All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.
For further information and all viewing requests please contact the sole selling agents Savills.
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