Freehold public house investment for sale let until July 2042 at a rent of £102,000 per annum
Description
The property comprises the ground and first floor of a two storey detached building with exposed brick and flint elevations beneath a pitched roof.
Tenure
The property is held freehold (Title Number WSX193603) as outlined in the above promap with the area outlined in blue sold off on a 99 year lease from 25 March 1967 at a peppercorn rent.
Tenancy
The entire property is let to Lillywhite Pub Group Limited on a 20 year lease from 29 July 2022 at a current rent of £102,000 per annum which is subject to five yearly open market rent reviews and annual RPI increases with a collar of 2% and cap of 5% (except in the open market review year). A rent deposit of £26,797 is held by the landlord.
Planning
The property is not listed but is situated within Felpham 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
E - 108
Terms
We are instructed to invite offers in excess of £1,480,000 (6.50% 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.
Viewings
All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.
For further information and all viewing requests please contact the sole selling agents Savills.