91/ 92 High Street Winchester Hampshire SO23 9AP

91/ 92 High Street
Winchester
Hampshire
SO23 9AP

Freehold Public House Investment

Let to Mitchells & Butlers Retail Limited (t/a O’Neill’s) for 50 years until 2042 (subject to option) (3)
5 Yearly Rent Reviews linked to Retail Price Index (RPI) annually compounded subject to a minimum of 1% pa and a maximum of 3% pa
2017 Rent Review Open Market Rental Value
Prime historic City Centre location
Nearby occupiers include Zizzi, Waterstones, Jack Wills, Cath Kidston, ASK and L.K. Bennett
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
9
Auction
21st May 2015
Rent
£89,000 per Annum Exclusive
Status
Sold
Price
£1,505,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Joint LPA Receivers Savills

Important Update Interested?

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Freehold Public House Investment

Let to Mitchells & Butlers Retail Limited (t/a O’Neill’s) for 50 years until 2042 (subject to option) (3)
5 Yearly Rent Reviews linked to Retail Price Index (RPI) annually compounded subject to a minimum of 1% pa and a maximum of 3% pa
2017 Rent Review Open Market Rental Value
Prime historic City Centre location
Nearby occupiers include Zizzi, Waterstones, Jack Wills, Cath Kidston, ASK and L.K. Bennett
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 9
Auction 21st May 2015
Rent £89,000 per Annum Exclusive
Status Sold
Price £1,505,000
Sector
Leisure
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Joint LPA Receivers Savills

Property Information

Location

Miles: 67 miles south-west of London, 12 miles north of Southampton, 17 miles south of Basingstoke
Roads: M3 (Junctions 9-11), A31, A34, A303
Rail: Winchester Railway Station
Air: Bournemouth Airport, London Heathrow Airport

Situation

Winchester is a highly affluent and historic cathedral city. The property is situated in a prominent position on the north of the busy High Street close to its junction with Jewry Street. Nearby occupiers include Zizzi, Waterstones, Jack Wills, Cath Kidston, ASK and L.K. Bennett.

Tenure

Freehold.

Location

Miles: 67 miles south-west of London, 12 miles north of Southampton, 17 miles south of Basingstoke
Roads: M3 (Junctions 9-11), A31, A34, A303
Rail: Winchester Railway Station
Air: Bournemouth Airport, London Heathrow Airport

Situation

Tenure

Freehold.

Description

The property, an attractive period building, comprises public house accommodation on the ground floor with the basement, first and second floors comprising ancillary accommodation including the bar, the beer cellar and the kitchen. The tenant also occupies the adjoining property which does not form part of the sale and has created internal access between the two properties.

Note
This property is being marketed for sale on behalf of Joint Law of Property Act
Receivers and therefore no warranties or guarantees in any respect, including
VAT, can be given. The information in these particulars has been provided by
the Joint Law of Property Act Receivers to the best of their knowledge but the
purchaser must rely solely upon their own enquiries. The Joint Law of Property
Act Receivers are not bound to accept the highest or any offer and are acting
in respect of this sale without personal liability.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not 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
Basement Ground First Second	Ancillary Public House Ancillary Ancillary	94.57 sq m 179.02 sq m 97.73 sq m 97.73 sq m	(1,018 sq ft) (1,927 sq ft) (1,052 sq ft) (1,052 sq ft)	MITCHELLS & BUTLERS RETAIL LIMITED (1) (formerly Six Continents Retail Limited) On Assignment from Bristol and West Plc (2)	50 years from 22/12/1992 until 2042 on a full repairing and insuring lease (3)	£89,000 (3)	25/12/2017 & five yearly (3)
Totals		469.05 sq m	(5,049 sq ft)			£89,000

(1) For the year ending 27/09/2014, Mitchells & Butlers Retail Limited reported a turnover of £1,613,000,000, pre-tax profits of £100,000,000 and a total net worth of £3,037,000,000. (Source: www.riskdisk.com 02/04/2015)
(2)Bristol & West Plc was incorporated in 1987 and is part of the Bank of Ireland Group (Source: http://www.bristol-west.co.uk/ 02/04/2015) and for the year ending 31/12/2013, Bristol and West Plc reported pre-tax profits of £1,062,000 and a total net worth of £1,890,000. (Source: www.riskdisk.com 02/04/2015)
(3)The tenant occupies the property by virtue of a 25 year and 3 days lease from 22/12/1992 until 24/12/2017 and a reversionary lease from 25/12/2017 until 24/12/2042. The reversionary lease is subject to a tenant option to determine the lease on 25/12/2032 and provides for the rent to be reviewed at commencement to the greater of £89,000 p.a.x or Open Market Rental Value (OMRV) and 5 yearly rent reviews thereafter in line with Retail Price Index (RPI) annually compounded to a minimum of 1% pa and a maximum of 3% pa.