A pub in Bletchley is being auctioned in London this month with a guide price of just £20,000.

The London Pride pub, in Serpentine Court on the Lakes Estate, was sold to Punch Taverns in 2001 for £160,000 but now could be flogged for just a fraction of that when it is auctioned at Barnard Marcus Auctions at the Great Connaught Rooms in Holborn, Central London.

The London Pride was originally built in 1971 by Aylesbury Brewers for £30,000 – which would equate to £400,000 now.

Since then it has been a popular drinking spot for people living on the Lakes Estate and the nearby area. It is one of the only pubs in the area for quite a distance after The Crown pub was closed down and is thought to have been one of the first 'new town' pubs built after Milton Keynes was created.

Included with the pub is a three bedroom flat, two large bars and an off licence and garage. There is also a 500 square foot roofed terrace.
The pub is a virtual freehold as it has more than 60 years left on a 99 year lease, and it comes with a very low ground rent.

Seller Kevin Brown has decided to sell it, through his company Stenfor Developments Ltd. It is the last pub he owns, after selling a number he had around the country.

He said: "Pubs at this price will never come again and once sold may never come on the market for years – so there is no time like the present to get into the licensed trade at a rock bottom price."

Bidding is expected to be brisk but offers before the auction will still be considered, as long as they are the right price.

Mr Brown added: "If someone wants to, they can go to their lawyer now and get in touch with Barnard Marcus and transfer the money over and have the pub before it goes to auction.

"It is a really nice place and is the last pub I own, but I have sold them all off now as I'm looking to get out of the pub business. To be honest it is a lovely place and it comes with all the fixtures and fittings, which alone would cost someone around £60,000 to £70,000.

"It has full CCTV throughout and it is coming to the time of year where people will be looking to sit out on the patio on a warm day with a pint. Where better to do it than on the massive patio?"

For information contact Barnard Marcus on 0208 741 9990 or 0208 741 8088.