Red Well Inn, Harmire Road, Barnard Castle, DL12 8QJ | Property for sale | Savills
6,560 sq ft(609.44 sq m)
£625,000(NT$26,426,909)

Red Well InnHarmire Road, Barnard Castle, DL12 8QJ

  • New

Key features

  • Freehold public house investment
  • Entire property let to Buckley Taverns Limited
  • Property arranged over three levels extending to 6,329 Sq Ft (588 Sq M)
  • 8 ensuite letting rooms
  • Current rent of £49,565 per annum
  • We are instructed to invite offers in excess of £625,000 (7.55% NIY)
  • Lease expires March 2042
  • The rent is subject to five yearly open market rent reviews and annual uncapped RPI increases (except in the open market review year)
  • Business unaffected by sale

Freehold public house investment for sale let until March 2042 at a rent of £49,565 per annum

About this property

  • Description
    The property comprises the ground, first and attic of a two storey semidetached building with stone elevations beneath a pitched roof.

    There is a single storey bungalow to the rear.

    Accommodation
    Ground Floor: The ground floor provides an open plan trading area with central bar servery and seating on loose tables, chairs and benches for 60 customers. There is an additional trading area to the rear with seating for 45 customers. Ancillary areas include customer WC’s, trade kitchen and cellar.

    First Floor: The first floor provides eight ensuite letting rooms, comprising of five doubles, two twins and one single.

    Second Floor: The second floor attic provides storage and a plantroom.

    Externally: Externally to the rear is a detached barn conversion providing a three bed staff bungalow with lounge, kitchen and bathroom. To the front, side and rear is a beer garden for 75 covers. There is parking to the side for 30 vehicles.

    Virtual Tour
    Please see the link below to access the Virtual Tour:

    https://vt.ehouse.co.uk/GAkBUGC34Xe

    Tenure
    The property is held freehold (Title Number DU230836).

    Tenancy
    The entire property is let to Buckley Taverns Limited on a 20 year lease from 4 March 2022 at a current rent of £49,565 per annum which is subject to five yearly open market reviews and annual uncapped RPI increases (except in the open market review year). A rent deposit of £11,861 is held by the landlord.

    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
    C - 64

    Terms
    We are instructed to invite offers in excess of £625,000 (7.55% 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.

Local information

  • Located in the market town of Barnard Castle, in county Durham, 24.5 miles (39.2 kilometres) south west of Durham and 32.5 miles (52.0 kilometres) west of Middlesbrough.
  • The Red Well Inn is situated fronting the B6278, close to its junction with the A67 in a commercial area. To the rear is Red Well Caravan Park, opposite are the offices of GlaxoSmithKline and nearby is Barnard Castle Golf Course.

Energy performance

C (64)

Available space

Namesq ftsq mAvailability
Ground - Ground3,821354.98Available
1st - First1,783165.65Available
2nd - Second20819.32Available
Building - Annexe74869.49Available