The Bull’s Head pub in Margate, along with six flats, yard and outbuilding, is to go under the hammer at an online auction.
The huge block is at 1 Market Place and is currently let at £34,943.76 per annum. The pub and flats are let on separate leases and the freehold guide price for the lot is £650-700,000.
Jon Rimmer, auction appraiser, said: “This is an incredible opportunity to buy a substantial freehold block. It is close to Turner Contemporary, the seafront and railway station and previously had permission for six town houses.
“The well-known block is in the heart of Margate’s Old Town and there will be interest from investors.”
It is thought there has been a pub on the site since before 1732. Comedian Eric Morecambe married the daughter of a previous landlord Miss Margate, Joan Bartlett, on December 11, 1952, and the wedding reception was held in the first floor function room.
The pub is still running as a business and this will continue under a new owner, Landlords Alison Burke and Nick remain at the helm.
Alison said: “The freehold of the pub is up for sale due to the current owners ill health. Nick and I do not own the freehold, we hold the lease and still have 11 years to go and are going nowhere! The Bulls Head is not changing hands, just has a different freeholder. Thank you to all of our friends and customers who have expressed concern.”
The auctioneers, headquartered in Maidstone, are now starting the marketing campaign for the next online-only auction which ends on Wednesday, September 23.