The site of Ivy Tree, in South Street, is up for auction on May 15 via property company Acuitus, with a guide price of £1.25 million.
Restaurant owner Remzi Erdogan has confirmed that Ivy Tree is not closing, and that this auction will just mean a change of landlord for the building.
Mr Erdogan told the Recorder: “As a venue we will still be here.
“Whether the landlord changes, we have our lease, we have our agreement so we don’t have any issue with that.”
READ MORE: Ivy Tree, Romford review: ‘A lavish dining experience’
The Rightmove listing for the auction reveals that JD Wetherspoon is still the main tenant for the premises, which is then sublet to Groggy Ltd, the company behind Ivy Tree.
The rent is £120,000 per year and the lease ends in December 2030, according to the listing.
Also mentioned in the auction listing is the 11 flats on the upper floors of the building, which have been sold off on a long lease.
The auction will take place at 1pm on May 15 via a livestream on the Acuitus website, with bidding online, by phone and by proxy.
Jon Skerry of Acuitus said: “Currently on lease to Wetherspoon since 1995, this property has had a long-term presence on the high street, and with recent refurbishments, offers a positive long-term investment opportunity for investors.”
Ivy Tree was formerly Wetherspoons pub The World’s Inn before it closed in April 2023.
