The Lord Clyde, 338-340 Essex Road Islington London N1 3PB

The Lord Clyde, 338-340 Essex Road
Islington
London
N1 3PB

Freehold Public House Investment

Let to Enterprise Inns plc until 2046 (subject to option)
Fashionable North London suburb
2 miles north of City of London
Neighbouring occupiers include Tesco, Sainsbury's and William Hill
5 yearly rent reviews
Six week completion available

Lot
1
Auction
22nd February 2011
Rent
£65,000 per Annum Exclusive
Status
Sold
Price
£870,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of Enterprise Inns plc

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Freehold Public House Investment

Let to Enterprise Inns plc until 2046 (subject to option)
Fashionable North London suburb
2 miles north of City of London
Neighbouring occupiers include Tesco, Sainsbury's and William Hill
5 yearly rent reviews
Six week completion available

Lot 1
Auction 22nd February 2011
Rent £65,000 per Annum Exclusive
Status Sold
Price £870,000
Sector
Leisure
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of Enterprise Inns plc

Property Information

Location

Miles: 2 miles north of City of London 1 mile south-east of Arsenal's Emirates Stadium
Roads: A1, A10, A104
Rail: Highbury & Islington Overground/Tube (Victoria Line), Essex Road Rail
Air: City Airport

Situation

The property occupies a prominent corner position on the east side of Essex Road (A104) at the junction with Englefield Road. The fashionable Upper Street is approximately 1/2 mile to the west. The area is a desirable and affluent residential location lying 2 miles north of the City of London. Neighbouring occupiers include Tesco Express, Sainsbury's, William Hill and Honda.

Tenure

Freehold.

Location

Miles: 2 miles north of City of London 1 mile south-east of Arsenal's Emirates Stadium
Roads: A1, A10, A104
Rail: Highbury & Islington Overground/Tube (Victoria Line), Essex Road Rail
Air: City Airport

Situation

Tenure

Freehold.

Description

The property comprises a PUBLIC HOUSE on the ground floor, a COMMERCIAL KITCHEN and RESIDENTIAL ACCOMMODATION on the first floor and RESIDENTIAL ACCOMMODATION on the second floor. There is ANCILLARY ACCOMMODATION in the basement, a LARGE BEER GARDEN to the rear and a roof terrace at first floor level.

VAT

VAT is applicable to this lot.

EPC

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

Description

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 Second	Ancillary Public House Residential/Kitchen Residential	143.26 sq m 184.89 sq m 78.31 sq m 53.16 sq m	(1,542 sq ft) (1,990 sq ft) (843 sq ft) (565 sq ft)	ENTERPRISE INNS PLC (1)	35 years from completion until 2046 on a full repairing and insuring lease (2)(3)	£65,000	2016 and 5 yearly
Totals		459.62 sq m	(4,940 sq ft)			£65,000

(1) Enterprise Inns plc is one of the UK’s leading operators of leased and tenanted pubs, with over 6,800 outlets. For the year ended 30th September 2010,
Enterprise Inns plc reported a turnover of £753,000,000, EBITDA of £405,000,000, a pre-tax profit before exceptional items of £175,000,000 and net assets of £1,407,000,000. (Source: Company Website Year End Report)
(2) The lease provides for a tenant’s option to determine the lease on the 25th anniversary of the term on giving at least six months’ written notice.
(3) The property has been sub-let on a tied lease to Aragon Inns Limited.