Unusually low valuation/price for a large property plus land

UTT

UTT

UTT

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Hi all,

Basically, the landlord of my local in Wakefield sold over a year ago to a guy that is turning the pub into a private residence.

Myself and lot of neighbours where gutted.

I'm sure the landlord/seller mentioned he was still married to ex who lived away when he looked into selling and that she could be due a big chunk of cash were he to sell up. Presumably becouse of the massive increase in value after owning/running for 25 years.

I've checked on land registry and it states it was sold for £250,000.00 to new owner which i think is peanuts for what you get.

The pub is a large building with 3 bed living accom on first floor, a large beer garden and even larger car park. If planning was ever granted you easy get 6 plots out of it.

I'm still gutted about losing the pub now but this stinks a bit of fraud if you ask me to ensure the ex wife got as little as poss.

What do you think?
 
Getting planning permission to convert a pub into residential is a complete lottery, hence the reduced sale price. There's no guarantee that the council will grant change of use any new owner & you could end up with a 250k white elephant.
 
Maybe the business was sold separately which accounted for some of the value. Probably structured the sale to minimize the tax paid legitimately or not, maybe some cash.
 
Pubs go for peanuts often, unless it has planning permission for change of use it may not be worth much.
 
UTT said:
Hi all,

Basically, the landlord of my local in Wakefield sold over a year ago to a guy that is turning the pub into a private residence.

Myself and lot of neighbours where gutted.

I'm sure the landlord/seller mentioned he was still married to ex who lived away when he looked into selling and that she could be due a big chunk of cash were he to sell up. Presumably becouse of the massive increase in value after owning/running for 25 years.

I've checked on land registry and it states it was sold for £250,000.00 to new owner which i think is peanuts for what you get.

The pub is a large building with 3 bed living accom on first floor, a large beer garden and even larger car park. If planning was ever granted you easy get 6 plots out of it.

I'm still gutted about losing the pub now but this stinks a bit of fraud if you ask me to ensure the ex wife got as little as poss.

What do you think?
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which pub did it used to be i know of one on pineapple hill towards normanton that got converted recently ?
 
marcus_667 said:
which pub did it used to be i know of one on pineapple hill towards normanton that got converted recently ?
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The Nook, inbetween Thorpe and Outwood, just up the road from big Morrison distribution place.

Uther said:
Pubs go for peanuts often, unless it has planning permission for change of use it may not be worth much.
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This one had a very good group of regular's, was usually packed out for most events like Christmas etc. It was freehold, rural location and regulary changed beers.

Landlord keen on classic cars & bikes and never had a problem adding to collection, I'd say it give a good standard of living & decent income

Maybe it's my hidden desire to be a landlord, but it seemed cheap for a thriving business and home in a lovely location with potential to grow the business

Uther said:
Pubs go for peanuts often, unless it has planning permission for change of use it may not be worth much.
Click to expand...
Probably the business rates, tax man etc that contributes heavilly to them closing

I'll keep driving by looking for the planning notification zip tied to a lamp post and go from there
 
Last edited by a moderator:
UTT said:
Probably the business rates, tax man etc that contributes heavilly to them closing

I'll keep driving by looking for the planning notification zip tied to a lamp post and go from there
Click to expand...
Most councils have an online planning application search function which night be easier.
 
ron3003 said:
Getting planning permission to convert a pub into residential is a complete lottery, hence the reduced sale price. There's no guarantee that the council will grant change of use any new owner & you could end up with a 250k white elephant.
Click to expand...

This. Could also have been sold with an overage clause or any number of stipulations that could provide future monies.
 
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