The Vestry21-23 Southgate, Chichester, PO19 1ES

Description
The Property is a mid-terrace, two storey building and converted from a former Waitrose Store. The ground floor comprises a 120 cover pub
restaurant with ancillary areas and the first floor comprises of 11 en-suite letting bedrooms. In addition to this is a 2 bedroom manager's flat.
The site extends to approximately 0.14 acres (0.057 ha).

Situation
The property is prominently located to the southern end of the Southgate, where there is an agglomeration of similar A3 operators, including
Wildwood, Zizzi’s, Subway, The Fountain (Hall & Woodhouse) and a number of popular independent operators. The property benefits from the
high footfall generated by the significant retail provision, and the relatively small size of Chichester allows this retail core to capture the large majority of the town’s shoppers.

Accommodation
The accommodation is arranged over ground and first floor with access from both front and rear. We detail the breakdown of accommodation below.

Planning
The property is not listed, but is situated in a conservation area. The current use class consent is ‘Sui Generis’ class.

EPC
The property benefits from an Energy Performance Certificate and will be provided to interested parties upon request.

Rating
The property has a 2023 Rateable Value of £75,000.

Tenure
The property is held long leasehold with approximately 972 years unexpired term at a peppercorn.

Tenancy
The property is subject to a 35 year underlease from June 2000, expiring in 2035. The current rent passing is £125,000pa. The tenant Eldridge Pope & Co were acquired by Marstons Plc in 2007 and we understand they have sublet their interest to The Sussex Pub Group on co-terminus terms. A copy of the underlease and sub-lease are available upon request and subject to status.

Covenant
Marston’s Plc (Company Number 00031461) are one of the largest pub companies in the United Kingdom with 1,468 sites and around 12,000 employees. The estate is well diversified with 81% Managed Houses (of which 1,057 are community focused sites) and 19% are Leased & Tenanted with a property valuation of £2.1 billion (FY 2022).

The business reported total revenue of £799.6 million, profit before tax of £163.4 million (FY 2022) and a Dun & Bradstreet risk rating of 5A2.

Guide Price
Our client is seeking offers in the order of £1,395,000 for the long leasehold interest. A purchase at this level reflects a NIY of 8.45%.

VAT
The property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC and therefore VAT will be waivered.

Viewing
Formal viewings can be made strictly by appointment with Savills. Where appropriate, we recommend interested parties carry out a discreet customer inspection in the first instance. We kindly request that no approaches are made to staff or the business directly.

Anti-Money Laundering Regulations
Regulations require Savills to conduct various checks on purchasers and tenants. Further details are available upon request.