The Hanover Arms, a prominent three-storey corner pub a short walk from The Oval cricket ground, has been let on a new free-of-tie lease, with the deal handled by leisure and hospitality specialist Sidney Phillips.
The pub at 326 Kennington Park Road, London SE11 4PP, had originally been brought to market by Sidney Phillips' London & South East office with a freehold guide of £2,000,000. The owners, who have run the business for a number of years, first as tenants and later as freehold owners, have now secured an experienced operator on a free-of-tie lease agreement.
As a free-of-tie tenancy, the new operator will be able to buy beer, wine and spirits from any supplier, giving them full control over the drinks range and margins.
The Hanover Arms occupies a prominent corner plot on Kennington Park Road (A3), the arterial route linking South-West London with the City. It sits around 60m from Oval Underground station on the Northern Line, with Vauxhall's Victoria line and South Western Railway services a short walk away.
Kennington has seen steady gentrification in recent years, helped by quick links to the West End and the City. The pub is close to three of the area's best-known landmarks: Kennington Park, the Imperial War Museum and the Oval Cricket Ground, which draws large crowds on international and domestic match days.
The brick-built pub has been well maintained and is presented to a high standard. Its accommodation includes an open-plan bar, large basement, trade kitchen and five bedroom accommodation, as well as a rear courtyard trade patio.
The incoming tenant takes on an established business with a friendly atmosphere that appeals to locals and sports fans alike. Trade is extremely busy on cricket match days, and live sports keep it steady midweek.
Robert Cockayne at Sidney Phillips, said: "The Hanover Arms is a rare opportunity, a well-run, free-of-tie pub on one of Kennington's busiest corners, right on The Oval's doorstep. We are delighted to have agreed terms with an experienced tenant, who we are sure will take the business to the next level."
For impartial advice on marketing your pub, restaurant, hotel or business for sale or to let, please contact Sidney Phillips on 01892 725900 or email sales@sidneyphillips.co.uk. You can also browse other pubs, restaurants and hotels for sale and to let by clicking here.
Robert Cockayne