Make mine a double. . . with an en suite!
Make mine a double. . . with an en suite! Landlords pulling in pounds by transforming pubs into luxury apartments as 20,000 boozers shut down in 30 years. Landlords are calling time at the bar as developers transform pubs from smelly-carpeted watering holes into multi-million pound apartments.
• More than 3,200 pubs have shut down in London alone, with 36 around the weatlhy W1 area
• The Red Lion in Mayfair was recently sold as a £25million mansion, and another pub was bought for £27million
• One developer has teamed up with Madonna’s interior designer to convert a former Waterloo pub
The British pub has been in decline for decades with almost 20,000 shutting over the past 30 years.
More than 3,200 of these have shut in London alone and now builders are buying historic, well-positioned buildings to convert into super-pricey homes.
Then and now: The Red Lion pub in Mayfair used to be run down and boarded up, left, but it was then transformed into a luxury mansion and sold for £25million
Lap of luxury: A swimming pool inside what used to be The Red Lion pub; in the wealthy W1 area, 36 pubs have closed to be converted into homes or for mixed use
In W1, around exclusive Mayfair, Marylebone and Soho, 36 pubs have closed to be converted into new homes or mixed use.
Southwark and Waterloo have seen 27 pubs converted while 13 have had their use changed in Chelsea.
The Red Lion, in Mayfair, was recently sold as a £25million mansion while one property developer just paid £27million for The Black Lion in Bayswater.
At £32million, the 2008 sale of the City Pride pub in Canary Wharf is the most expensive pub ever sold in London.
With a housing shortage and pub profits nosediving, landlords and breweries are taking advantage of the value of the buildings and cashing in by selling them to developers.
Space age: The designer kitchen inside what used to be the Red Lion pub features high-end appliances and endless bench space and opens out to the dining room
Luxury lounging: The pub was turned into an open plan mansion with enough room for the whole family to relax; large floor-to-ceiling windows flood the room with light
Top of the world: The new owner of The Red Lion can enjoy their own private beer garden, without having to endure noisy crowds
One developer, Thackeray Estates, has teamed up with Nicola Fontanella, who was Madonna’s interior designer to work on one pub.
They are converting historic Dover House, a former hotel and restaurant in Waterloo, into nine luxury residential apartments.
The £16million ultra-prime project will provide nine luxury apartments priced from £1million.
Black Lion pub in Bayswater occupied prime real estate and it easy to see why developers saw potential in renovating it
The pub has just sold to a developer for £27million and is one of 3,200 London pubs to close in the last 30 years as pub profits plummet
In Fulham, the Redclifffe Arms, seen right, has been transformed into six high-end apartments and was given a smart exterior and interior makeover
Designer-digs: The Penthouse at 268 Fulham Rd, which used to be the Redcliffe Arms, has been luxuriously renovated and now has polished floors and clean white walls
Over in Fulham, the Redcliffe Arms is being converted into six luxury apartments costing from £975,000 to £2.95 million by Linton Property Developments.
Figures from the British Pub and Beer Association show there are currently 49,433 pubs in the UK. This is down from 54,818 in 2008, and 67,800 in 1982.
Peter Wetherell, from estate agency Wetherell, spent a number of years growing up above the Cross Keys Public House in Chelsea, a favourite haunt of Bob Marley.
Open plan: The kitchen, dinning room and lounge seamlessly flow into each other in the Fulham development
Coffee colours: A lounge and dinning room inside the Fulham development, left, and a bedroom, which boasts city views from a selection of large windows
Industrially edgy: The new apartments in the former Fulham pub are being sold for between £975,000 to £2.95 million by Linton Property Developments
Home office: The Fulham development has been development with the successful executive in mind and boasts space for the owner to easily work from home.
Trendy change: Property agents say social change, taxes, the smoking ban and cheap supermarket liquor are behind pub closures like the Redcliffe Arms
He said: ‘Over the last 15 years there has been a huge wave in public houses across the capital being closing and being turned into new homes or mixed use resi-led schemes.
‘This is because of social change, taxes, the 2007 smoking ban, cheap supermarket alcohol and the impact of the global recession.
‘Redundant public houses across inner London have provided a very significant amount of stock for conversion into new homes or mixed use schemes.
‘We recently marketed the former Red Lion Pub in Mayfair which closed in 2009 during the recession and has been converted into a five bedroom mansion priced at £25 million. It sold very quickly.’