Freehold public house investment for sale let until November 2033 at a rent of £40,000 per annum
Description
The property comprises the ground, basement and first floor of a two storey detached building with painted and brick elevations beneath a multi pitched tiled roof.
Accommodation
Ground Floor: The ground floor provides an open plan trading area with an L shaped bar servery and seating on loose tables and chairs for 80 customers. Ancillary areas include a trade kitchen and customers WC’s.
Basement: Cellar and stores.
First Floor: The first floor comprises staff accommodation across two flats, a one bedroom flat comprising a kitchen, bedroom and bathroom, alongside a separate three bedroom flat comprising a kitchen, lounge, three bedrooms and bathroom. Additionally there is a staff WC and storage room at first floor.
Externally: There is a customer area to the rear with seating for 35 customers as well as a car park for 19 vehicles and overflow car park opposite for a further 30. vehicles
Tenure
The property is held freehold (Title Number BK303599).
Tenancy
The entire property is let to The Greek Table Limited on a 10 year lease from 3 November 2023 at a current rent of £40,000 per annum which is subject to five yearly open market reviews and annual RPI increases with a collar of 2% and cap of 4%.
Planning
The property is not listed or situated within a conservation area.
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-84
Terms
We are instructed to invite offers in excess of £610,000 (6.2% NIY) 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 prospective purchasers. Prospective purchasers will need to provide proof of identity and residence.