Description
The property comprises the ground, basement and first floor of a two storey end of terraced building with painted brick elevations beneath a pitched and hipped roof.

Accomodation
GROUND FLOOR
The ground floor trading area is fitted out as a modern gastropub with an open plan trading area with a central bar servery and seating provided on loose chairs, tables and benches for approximately 80 customers. There is a gas fired pizza oven to the rear behind a second serving counter. Ancillary areas include a trade kitchen, disabled WC and a separate cellar to the rear.

FIRST FLOOR
The first floor provides the customer WC’s, office, kitchen, stores and part of the manager’s flat with a bathroom and kitchen.

SECOND FLOOR
The second floor provides additional manager’s accommodation comprising three bedrooms.

EXTERNALLY
Externally there is an enclosed customer area to the rear with seating on loose tables and chairs for 30 customers. Additional seating is provided to the front elevation for a further 16 customers.

Virtual Tour
A virtual tour is available from the following link:
https://vt.ehouse.co.uk/7P7AaRK7Xp8

Planning
The property is administered by Oxford City Council. We understand that the property is not listed nor is it situated within a Conservation Area.

EPC
D-91

Tenure & Tenancy
The property is held freehold (Title Number: ON150719).
The entire property is let to Charles Wells Limited on a 20 year lease from the 14th March 2018 at a current rent of £55,421 per annum which is subject to five yearly open market reviews and annual RPI increases (which do not apply in the open market review year) with a collar of 2%
and cap of 4%. The next rent review is on 14th March 2025.

Covenant
The property is let to Charles Wells Limited who currently own/operate over 200 pubs across England & France under both tenanted and managed models.

In their latest accounts which were 12 months to the 2nd October 2022, the company generated revenue of £55.24m and adjusted EBITDA of £8.71m an increase from £30.475 million and adjusted EBITDA of £5.116 million in the prior year. Prior to the Covid-19 pandemic in the financial year to 29 September 2019, Charles Wells Limited generated revenue of £53.243 million and adjusted EBITDA of £9.839 million.

In 2017, the Group sold its brewing trade and assets to Marston’s PLC for £55 million and has since built a smaller brewery and is focusing on the growth of its pub divisions.

Terms
We are instructed to invite offers in excess of £1,100,000 which reflects a Net Initial Yield of 4.58% after deducting the usual purchasers costs.

The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.

Viewing
All viewings must be made strictly by prior appointment with Savills and under no circumstances should any direct approach be made to any of the occupational tenants staff.

Money Laundering
Money Laundering Regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.