Freehold public house investment for sale, currently let to Punch Taverns with an estate of 1,300 pubs across the United Kingdom.
The Refectory comprises the ground floor only of a detached building of brick construction under a pitched and hipped tiled roof. Externally there is an extensive trading terrace to the rear and side elevations with seating for approximately 112 customers as well as a children’s play area to the rear.
There is customer car parking to the rear of the site for approximately 70 vehicles.
We are instructed to invite offers in excess of £4,000,000 (4.75% NIY) assuming purchasers costs of 6.54%. The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.
The property is held freehold. The entire property is let on a 30 year lease to Punch Partnerships (PRGP) Limited (Company Number 03988664) with a guarantor from Punch Taverns (PGE) Limited (Company Number 03982441) expiring on 24 March 2034 at a current rent of £202,740 per annum subject to fixed annual increases of 2.5% until March 2024. From March 2024 and five yearly thereafter the rent is reviewed to the open market rent.
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