Freehold Public House investment for sale, with the potential for redevelopment of the upper floors.
The property occupies the basement, ground and first floors of a detached brick built building with part exposed brick, part rendered elevations, beneath a pitched tiled roof.
The property provides a trading area to the ground floor for approximately 65 covers. To the rear is a small kitchen with a trade garden to the rear of the property. The upper floors provide three bedroom living accommodation with lounge, kitchen and bathroom. The basement provides a cellar and stores.
Potential buyers are encouraged to undertake a customer visit in the first instance. Under no circumstance should any direct approach be made to any of the occupational tenants’ staff.
For further information and all formal viewing requests please contact the sole selling agents Savills.
We are instructed to invite offers in the region of £950,000 for our clients freehold interest.
The property benefits from the potential to convert the first floor to residential along with additional stories and the creation of a ground and basement lockup public house subject to obtaining the necessary planning consent and vacant possession. Residential values remain strong in the area with capital values in the region of £900 psf.
The property has been granted a Premises Licence in accordance with the Licensing Act 2003. We understand that the pub is permitted to sell alcohol as follows:
• Sunday to Thursday 10:00-00:00
• Friday to Saturday 10:00-01:30
The subject property is entered in the 2017 Rating List with a Rateable Value of £13,750.
The property is held freehold.
The entire property is let on a 30 year lease which expired on the 2 August 2020. The tenant has served a section 26 notice and our client has agreed a six month extension to the statutory period to expire on the 2nd February 2021. The current passing rent is £40,500 per annum.
It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT.
EPC Rating is C (69)
|Floor / Unit||Type||Size||Status|
|Ground||-||1458 sq ft||Available|
|1st||-||990 sq ft||Available|
|Basement||-||419 sq ft||Available|