Public house let on assignment from Mitchells & Butler Retail Limited until 2025.
Prominently located on established leisure circuit.
Active management/residential redevelopment potential of first floor.
Neighbouring occupiers include Sainsbury’s, Nando’s, Betfred and NatWest.
Six Week Completion
Lot 40
Auction 17th October 2013
Rent £118,500 per Annum Exclusive
Status Withdrawn Post
Price
Sector Public House
Auction Venue The Millennium Hotel 44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Miles
11 miles south of Central London
Roads
A23, A22, A232, M25 (Junctions 6, 7 & 8)
Rail
East Croydon (14 minutes’ to London Bridge, 16 minutes to London Victoria) Church Street Tram Stop
Air
London Heathrow, London Gatwick
Situation
Situation
The property is situated in a prominent corner location in an established leisure circuit within Croydon town centre. Neighbouring occupiers include Sainsbury’s, Nando’s, Betfred and NatWest. The property is located within close proximity to the proposed Croydon Partnership redevelopment of the Whitgift and Centrale Shopping Centres, a joint venture between Westfield and Hammerson. The scheme will provide 1.5 million square feet of retail and leisure accommodation and between 400-600 new homes (www.thecroydonpartnership.com).
Tenure
Virtual Freehold. Held for a term of 999 years from completion of the sale at a
peppercorn rent. The lease will provide for the buyer to have an option to
purchase the Freehold. For details please see a copy of the lease.
Location
Miles
11 miles south of Central London
Roads
A23, A22, A232, M25 (Junctions 6, 7 & 8)
Rail
East Croydon (14 minutes’ to London Bridge, 16 minutes to London Victoria) Church Street Tram Stop
Air
London Heathrow, London Gatwick
Situation
Situation
The property is situated in a prominent corner location in an established leisure circuit within Croydon town centre. Neighbouring occupiers include Sainsbury’s, Nando’s, Betfred and NatWest. The property is located within close proximity to the proposed Croydon Partnership redevelopment of the Whitgift and Centrale Shopping Centres, a joint venture between Westfield and Hammerson. The scheme will provide 1.5 million square feet of retail and leisure accommodation and between 400-600 new homes (www.thecroydonpartnership.com).
Tenure
Virtual Freehold. Held for a term of 999 years from completion of the sale at a
peppercorn rent. The lease will provide for the buyer to have an option to
purchase the Freehold. For details please see a copy of the lease.
Description
The property forms part of a larger building and comprises ground floor public house accommodation with ancillary accommodation on the first floor and part of the basement. The property benefits from a return frontage and side access for deliveries.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property forms part of a larger building and comprises ground floor public house accommodation with ancillary accommodation on the first floor and part of the basement. The property benefits from a return frontage and side access for deliveries.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews
Part Basement Ground First
Ancillary Public House Ancillary
34.39 sq m 394.20 sq m 411.65 sq m
(370 sq ft) (4,243 sq ft) (4,431 sq ft)
Let to STONEGATE PUB COMPANY LTD on assignment from Mitchells & Butlers Retail plc (1)
25 years from 29/29/2000 until 01/09/2025 on a full repairing and insuring lease
£118,500 (2)
29/29/2015 and 5 yearly
Totals
840.24 sq m
(9,044 sq ft)
£118,500
(1) For the year ending 29th September 2012, Mitchells & Butlers plc, formerly Bass Taverns Limited (Company No. 00024542) reported a turnover of £1,889,000,000, pre-tax profits of £83,000,000 and a total net worth of £1,083,000,000. (Source: www.riskdisk.com 5th September 2013) (2) The seller is holding a £71,000 rent deposit
