UK Property Sales Auctions: Pubs, Public Houses, Hotels & Licensed Properties for Sale at Auction
Buying a pub at auction used to be only for property developers & wealthy individuals, however times have changed and so have auctions. Anyone can now buy a pub at auction, but beware it doesn't always mean you'll be getting a bargain! Property auctions usually set guide prices low to encourage bids however most pubs will have a reserve price which isn't revealed unless not reached.
So what's the attraction of buying from an auction? Buying at auction does have many benefits. The main benefit of buying at auction is that you avoid the conventional drawn out process of buying a property. At auction a sale is condensed into a matter of minutes rather than months and when the hammer falls, you own the property.
If you've set your mind on buying a particular pub at auction properties are usually advertised for three or four weeks before the auction day, during which time you can inspect them. This is the time to do your homework and importantly make sure it's suitable. If you decide to take the plunge, let the auction house know you're interested, so it can keep you informed of developments. Some pubs are sold prior to the auction. This is also the time to have the pub surveyed; Legal documents are usually available to download from the property auctioneer's website which you should get your solicitors to look through, however you don't need your solicitor to attend the auction.
If finance is required it's wise to arrange a mortgage in principal with a bank or building society before attending the auction. If successful you will be expected to pay a deposit (usually 10% of the final purchase price) on the day of the auction and be able to complete within 28 days. You must also be prepared to insure the property from exchange of contracts.
Once the above has been satisfied and you attend the auction set some ground rules, set your limit and stick to it. If you think you'll get carried away, send someone else to bid on your behalf. Most pubs for sale at auction sell for more than the guide.
Auctioneers are experts at pushing up the price and bouncing offers of the wall. Bids tend to go up in £5,000 jumps, then £1,000 and £500 with the auctioneer squeezing every last penny out of bidders. If your bid is successful, you will have to sign and exchange contracts immediately and pay a 10% deposit. This can be either a cleared cheque or banker's draft cash will not be accepted. If you cannot pay the remaining 90% usually within 28 days you will forfeit your deposit.
Also remember you may have to pay VAT and stamp duty on top of the purchase price. Finally if you don't want to attend the auction or you don't want competition, before being entered into an auction most pubs have been marketed by an estate agent so if you are desperate for the property you can make an offer before the auction to the agent. Most vendors will happily accept offers if it is high enough.
Buying Investment & Development Property at Auction: Pubs, Hotels & Licensed Properties For Sale at Auction
As a commercial property investment or as potential development opportunities, run down, neglected, disused or delicensed freehold pubs and hotels offer good investment potential. Such commercial properties are currently for sale at below market value and present excellent redevelopment, modernisation and refurbishment opportunities.
Register with Paramount Investments to access and view hundreds of freehold pubs, wine bars, restaurants, clubs & hotels for sale at auction. Our property investments team can advise on purchase costs, building & planning regulations, rental yields and investment and development returns.
Save time on property viewings, local research, due dilligence and conveyancing. Commercial property details include full sales documentation, schedule of accommodation, title plan, lease, tenancy agreements, contracts of sale, schedules of tenancy, projections, appraisals, floor plans, local authority searches, soil surveys, structural reports, title deeds, planning documentation, as well as professional aerial photographs and detailed maps showing the exact location of the hotel or pub for sale at auction.
- Pubs, restaurants & hotels for sale in East Anglia: Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk
- Pubs, restaurants & hotels for sale in London:
Barking and Dagenham Barnet Bexley Brent Bromley Camden City of London City of Westminster Croydon Ealing Enfield Greenwich Hackney Hammersmith and Fulham Haringey Harrow Havering Hillingdon Hounslow Islington Kensington and Chelsea Kingston upon Thames Lambeth Lewisham Merton Newham Redbridge Richmond upon Thames Southwark Sutton Tower Hamlets Waltham Forest Wandsworth
- Pubs, restaurants & hotels for sale in the Midlands: Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire, Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire and Rutland
- Pubs, restaurants & hotels for sale in North East England: Cleveland, County Durham, Northumberland, Tyne and Wear
- Pubs, restaurants & hotels for sale in North West England:
Cheshire, Cumbria, Lancashire, Manchester, Merseyside
- Pubs, restaurants & hotels for sale in Scotland:
Aberdeen, Aberdeenshire, Angus, Argyll and Bute, Borders, Clackmannanshire, Dumfries and Galloway, Dundee, East Ayrshire, East Dunbartonshire, East Lothian, East Renfrewshire, Edinburgh, Falkirk Distric, Fife, Glasgow, Highland, Inverclyde, Midlothian, Moray, North Ayrshire, North Lanarkshire, Orkney Islands, Perth and Kinross, Renfrewshire, Shetland Islands, South Ayrshire, South Lanarkshire, Stirling, West Dunbartonshire, West Lothian, Western Isles
- Pubs, restaurants & hotels for sale in South West England:
Bristol, Cornwall, Devon, Dorset, Gloucestershire, Somerset and Wiltshire
- Pubs, restaurants & hotels for sale in South East England: Berkshire, Buckinghamshire, East Sussex, Hampshire, Isle of Wight, Kent, Oxfordshire, Surrey and West Sussex
- Pubs, restaurants & hotels for sale in Wales: Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Carmarthenshire, Ceredigion, Conwy, Denbighshire, Flintshire, Gwynedd, Isle of Anglesey, Merthyr Tydfil, Monmouthshire, Neath Port Talbot, Newport, Pembrokeshire, Powys, Rhondda Cynon Taff, Swansea, Torfaen, Vale of Glamorgan, Wrexham
- Pubs, restaurants & hotels for sale in Yorkshire: East Riding of Yorkshire, Humberside, North Yorkshire, South Yorkshire and West Yorkshire
The Paramount Investments UK Pub Sales Blog offers the latest UK Freehold pubs for sale and UK pub trade news, licensed property reports, pub market surveys and pub sector research and analysis on pub chain, pub co, pub company, brewing and brewery companies, press releases, advertising and marketing from pub trade newspapers, publications, periodicals and magazines
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