Old Red Lion pub and theatre in Islington up for sale

New operators are being sought for Islington's famous Old Red Lion pub and theatre which has gone on the market for £450,000.

The four-storey pub in St John Street, Angel is for sale through specialist property adviser Christie & Co with a new part-tied 15-year lease from Star Pubs & Bars.

Although rebuilt and altered over the years, the Grade II listed pub is thought to be one of the capital's oldest watering holes.

The Play That Goes Wrong which has played to West End audiences for a decade started out in 2012 in the tiny pub theatre

Historians have claimed that a pub called the Redde Lyon has stood on the site since 1415, and there is certainly firm evidence of a Red Lion there by 1522.

Samuel Johnson, Thomas Paine, and the artist William Hogarth were regulars, with the artist including the Red Lion in the background of his painting Evening.

The current building dates back to 1899 and it's said that Russian leader Vladimir Lenin used to tip the landlord to open the dumb waiter so he could hear the communist meetings in the upstairs room.

The upper room was later used as a boxing ring, then in 1979, when the pub was run by Pauline and Tony Sheriff-Geary, it was converted into a black box theatre space.

The pub is currently 'wet led' but has a commercial kitchen and scope for a food trade (Image: Christie&Co)

Founded by Charlie Hanson, The Old Red Lion theatre has hosted thousands of productions and award winning live performances, including the original production of The Play That Goes Wrong, Arthur Miller’s No Villain, Nina Raine’s Rabbit and work by writers and directors Abi Morgan, Joe Penhall, Kathy Burke, Stephen Daldry, and Penelope Skinner.

The lease was taken over by brothers Damien and Lorcan Devine in July 2000 who are now selling up. The pub includes an 80-cover ground floor bar, a partially covered outside terrace for 20, a self contained flat for staff, and a fully fitted theatre seating up to 60.

Although known for its real ales as a predominantly 'wet-led business,' the pub according to its agents, has a commercial kitchen and scope to develop a food trade.

David Wilson, Business Agent at Christie & Co who is handling the sale, said: “Having been operated by the family for many years, The Old Red Lion provides an incredibly rare and exciting opportunity to run an established and renowned pub with a theatre, allowing an incoming operator to benefit from multiple income streams, including one of London’s last remaining pub theatres."