Description
The property comprises the ground, basement and two upper floors of a three storey end of terrace building with painted rendered elevations beneath a pitched and hipped roof.

Tenure
The property is held freehold (Title Number AV224589).

Tenancy
The entire property is let to The London Cocktail Club Limited on a 25 year lease from 14 February 2024 at a current rent of £45,000 per annum, with stepped increases to £47,500 per annum from 14 February 2026 and £50,000 per annum from 14 February 2027 which is also subject to five yearly open market reviews thereafter. A rent deposit of £22,500 is held by the landlord.

Nightcap PLC https://nightcapplc.com operates 46 venues across England and Wales across their brands of Adventure Bar Group, The Cocktail Club, Barrio Familiar and Dirty Martini. For the 52 weeks to 2 July 2023, The group posted revenue of £46.4m from 47 venues an increase from £31.0m the previous year when the group operated 31 venues.

Planning
The property is located within Park Street and Brandon Hill Conservation Area, however, the property is not listed.

VAT
It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT on the basis the purchasing entity is VAT registered.

EPC
D - 98

Terms
We are instructed to invite offers in excess of £695,000 (6.2% NIY) and a reversionary yield of 6.5% in 2026 and 6.8% in 2027 assuming the usual purchasers costs.

Fixtures and Fittings
The fixtures and fittings are currently owned by the occupational tenant.

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