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20 February 2019 | Pubs

Historic pub & theatre in central London looking for new operator

The Old Red Lion, a historic pub and theatre venue dating from the 1400s, located in Angel, in central London, has been brought to the market through specialist business property adviser, Christie & Co.

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Operating from a four storey building, parts of which have been altered and extended over the years, The Old Red Lion retains many of the property’s original features and preserves its history as the site of a pub since 1415. The substantial venue comprises an 80 cover ground floor bar, a partially covered outside terrace with seating for 20 patrons and a fully fitted theatre for up to 60 guests, which has been in operation since 1979.

Due to its longevity and rich heritage, The Old Red Lion is a highly regarded establishment, noted for its real ales and being home one of London’s most renowned fringe theatres. Whilst predominantly a wet-led business, the property also benefits from having a commercial kitchen, providing an opportunity for a new operator to develop the food trade.

The Old Red Lion also presents the opportunity to live on site, with a self contained, two bedroom flat and two additional bedsit rooms with a shared bathroom.

Situated a short walk from Angel Underground Station, the pub is in the hub of the district which sees high footfall from visitors and residents of the popular area.

Current tenant, Damien Devine has operated the pub along with his family for the last 20 years and is now looking to move on in order to retire. He comments, “It has been an amazing 20 years at the pub but now it is time for me to retire and take up other challenges. We leave behind a fantastic business with huge possibilities for the future."

James Laskowski, Business Agent at Christie & Co who is handling the sale, comments, “Having been operated and lived in by Mr Devine and his family for many years, The Old Red Lion provides an incredibly rare and exciting opportunity to run an established and renowned pub with a theatre, allowing an incoming operator to benefit from multiple income streams, an attractive apartment and bedsits for staff.”

Christie & Co is seeking a £575,000 premium for the leasehold interest of The Old Red Lion.