Just weeks after coming on to the market, a former Truro pub is set to be converted into six flats.
The Swan Inn on Bosvigo Road served its last pint in 2012, and has been snapped up by JDS Properties and Developments Limited.
It is a sad sign of the times for the licensed trade. A cocktail of price hikes, smoking bans, cheap supermarket booze, not to mention the economy, has contributed to an average of 18 public houses closing every week in the UK.
The Swan Inn was initially purchased by another local businessman who successfully applied for planning permission to convert the building to residential use.
It was then sold on to JDS for the full asking price of £325k in less than fortnight after coming on to the market in a deal negotiated by partner Peter Heather at Miller Commercial Chartered Surveyors.
He said: “The recession creates its own opportunities. In an ever changing market place where town centres are shrinking and with demand for more local housing, a public house such as this where the business is no longer viable, makes for ideal residential development.”