Pub freehold purchase in Sheffield: barrelage, EBITDA and the specialist lender desks
Buying a pub freehold is one of the most specialist commercial mortgages on the panel. Lenders test barrelage, beer-tie status, food-to-wet revenue split, license type, the operator's track record, and the EBITDA cover before they look at bricks-and-mortar value. This piece walks through what the licensed-trade desks at Cynergy Bank, ASK Partners and the small group of pub-active specialists actually want to see, using recent Division Street S1, Ecclesall Road S11 and Kelham Island S3 pub freeholds we have placed as worked examples. Free-of-tie freehold prices significantly tighter than tied; food-led pubs price tighter than wet-led. The piece sets out the rate ranges, the typical LTV ceilings, and where we see the 2026 Sheffield pub freehold market heading.
This piece is in preparation.
The outline below is the planned structure for the full piece. Send a topic suggestion or a follow-up question to enquiries@commercialmortgagessheffield.co.uk and we will work it in.
Coming soon, full guide to Sheffield pub freehold commercial mortgages.
Outline
- Why pubs are a specialist underwrite
- Free-of-tie vs tied freehold: pricing differential
- Barrelage and what lenders read into it
- Food-to-wet revenue split: the 60/40 threshold
- EBITDA cover: 1.8 to 2.4 times typical
- Bricks-and-mortar vs goodwill valuation
- Active specialist desks at mid-2026
- Worked example 1: Ecclesall Road S11 high-street pub freehold purchase
- Worked example 2: Kelham Island S3 microbrewery taproom freehold refinance
- Worked example 3: Division Street S1 Devonshire Quarter licensed asset refinance
- License type, review history and planning
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