TOTO15 St. Thomas' Square, Newport, PO30 1SL

Description
The property comprises the ground, first and second floors of a three storey semi detached building with exposed brick elevations beneath a pitched tiled roof.

Ground Floor: The ground floor comprises a recently refurbished restaurant area with small bar servery and seating on loose tables and chairs for 40 covers. Ancillary areas include an open plan theatre style trade kitchen and ancillary stores to the rear.

First Floor: The first floor provides an additional restaurant area with seating for 24 customers, customer WC’s, and a disused pre-kitchen.

Second Floor: The second floor comprises offices and ancillary stores.

Externally: There is external seating to the front elevation operated by way of a pavement licence for 30 customers.

Tenancy
The entire property is let to PJW Management Limited on a 7 year lease from 1 March 2021 at a current rent of £28,080 per annum which is subject to annual RPI increases collared at 2% and capped 4% and a tenant only break clause on 1 March 2025.

Planning
The property is not listed but it is situated in the Isle of Wight conservation area.

Data Room
https://sites.savills.com/tavernportfolio/en/page_171176.php

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 that the purchasing entity is VAT registered.

EPC
An EPC is in the course of preparation.

Terms
We are instructed to invite offers in excess of £350,000 (8.04% NIY) assuming the usual purchasers costs.

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

Viewings & Contacts
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.