Pub is sold on by commercial property company

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A POPULAR pub has been sold as part of a commercial property portfolio deal.

Custodian REIT sold the 22,286sq ft pub on Palmerston Road, Southsea – The Lord Palmerston – for £1.67m. The pub is let to JD Wetherspoon on a lease expiring in 2040.

This was £0.19m more than its December 31 valuation. It was part of a portfolio acquired by Custodian REIT in August 2014.

The company said it intends to use the proceeds from the disposal to fund acquisitions better aligned to its long-term investment strategy.