Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
7 miles north of Durham
10 miles south-west of Sunderland
12 miles south of Newcastle-upon-Tyne
Roads
A167, A1(M) (Junction 63)
Rail
Chester-le-Street Railway Station
Air
Newcastle International Airport
Situation
The property is prominently situated in a predominantly residential area at the corner of the busy Waldridge Road and Waldridge Lane. Waldridge Road is approximately 1.5 miles from Chester-le-Street town centre.
Tenure
Freehold.
Location
Miles
7 miles north of Durham
10 miles south-west of Sunderland
12 miles south of Newcastle-upon-Tyne
Roads
A167, A1(M) (Junction 63)
Rail
Chester-le-Street Railway Station
Air
Newcastle International Airport
Situation
The property is prominently situated in a predominantly residential area at the corner of the busy Waldridge Road and Waldridge Lane. Waldridge Road is approximately 1.5 miles from Chester-le-Street town centre.
Tenure
Freehold.
Description
The property comprises a ground floor public house with basement cellar and a three bedroom flat on the first floor. The property is situated on a substantial site of approximately 0.712 acres (0.288 hectares) including a large car park for some 41 cars, and outside seating to the front and rear.
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 applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor public house with basement cellar and a three bedroom flat on the first floor. The property is situated on a substantial site of approximately 0.712 acres (0.288 hectares) including a large car park for some 41 cars, and outside seating to the front and rear.
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 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
Cellar Public House Residential – 3 bed flat
57.58 sq m 466.44 sq m 101.08 sq m
(620 sq ft) (5,021 sq ft) (1,088 sq ft)
STONEGATE PUB COMPANY LIMITED (1)
25 years from completion until 2040 on a full repairing and insuring lease (2)
£51,420
2020 and five yearly (3)
Totals
625.10 sq m
(6,729 sq ft)
£51,420
(1) For the year ending 28th September 2014, Stonegate Pub Company Limited reported a turnover of £557,699,000 and a net worth of £99,379,000. (Source: Stonegate Pub Company Limited Annual report and financial statements) For the full accounts please refer to the legal pack. Stonegate Pub Company Limited began trading in 2010 following the acquisition of 333 Mitchells & Butlers pubs. In 2011, Stonegate merged with Town & City Pub Company Limited adding a further 230 UK pubs to its estate including the Yates’s and Slug & Lettuce brands. The company is the UK’s largest privately held managed pub operator with approximately 620 pubs and bars. Stonegate is owned by investment funds managed by TDR Capital LLP. (Source: www.tdrcapital.com) (2)The tenant is currently occupying under the terms of an existing lease which will be extended until 2040 by virtue of a reversionary lease upon completion of the sale providing an unbroken unexpired term of 25 years. (3)The rent reviews are linked to the Retail Price Index subject to uplifts comprising a minimum of 1% and a maximum of 4% per annum compounded.
Contacts
Seller's Solicitors
Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
