Good afternoon, sorry it has been so long since my last update but we were in a bit of a lull regarding anything definite to report.
Lidl has now placed the Porcupine on the market, with sealed bids to be delivered by noon on 16 December. We know that they are looking to recover their not insubstantial outgoings of around £1.7m. Valuers tell us that Lidl paid over the odds for the site when they entered into a closed sale/purchase with Enterprise Inns. When Chris Young- Wootton (Head of Property Lidl South London) was asked why they bought the Porcupine site in the first place he responded that it was the only suitable site in Mottingham, which may have contributed to Lidl paying as much as they did.
We have been aware of 4 interested parties for the site. 3 of them have now dropped out of bidding. The remaining interested party has a good track record of developing pubs in South London, and he remains very interested in the porcupine site. We are still working to find further parties who will work with us with a view to re-opening the Porcupine.
Any purchaser of the site will need to take into account that the property is an Asset of Community Value, and there are Tree Preservation Orders registered in respect of trees in the back garden.
We now have to just wait and see what the result of this bidding process is.
In the meantime can I wish you all a very happy Christmas and let’s hope that the New Year brings us some better times.