Freehold Public House Investment and Vacant Office Opportunity
Ground floor let to J D Wetherspoon Plc until Dec. 2038 (no breaks)
Prominent town centre location
Busy and popular Dorset tourist destination
Residential redevelopment potential on the upper floors (subject to consents)
Lot 16
Auction 23rd September 2020
Rent £80,000 per Annum Exclusive
Status Sold
Price £1,210,000
Sector Leisure
Auction Venue Live Streamed Auction
On Behalf of Receivers A B Hughes and J P Smith
Property Information
Location
Miles
37 miles south-west of Bournemouth
30 miles south of Yeovil
56 miles east of Exeter
Roads
A30, A354, A37
Rail
Weymouth Railway Station
Air
Bournemouth International Airport
Situation
Weymouth is a busy and popular Dorset tourist destination. The property is prominently located on the east side of St. Thomas Street in the heart of the town centre, equidistant between Weymouth Marina and Weymouth Beach. Nearby occupiers include Tesco Metro, Slug & Lettuce, Ladbrokes, Betfred and Iceland Foods.
Tenure
Freehold.
Location
Miles
37 miles south-west of Bournemouth
30 miles south of Yeovil
56 miles east of Exeter
Roads
A30, A354, A37
Rail
Weymouth Railway Station
Air
Bournemouth International Airport
Situation
Weymouth is a busy and popular Dorset tourist destination. The property is prominently located on the east side of St. Thomas Street in the heart of the town centre, equidistant between Weymouth Marina and Weymouth Beach. Nearby occupiers include Tesco Metro, Slug & Lettuce, Ladbrokes, Betfred and Iceland Foods.
Tenure
Freehold.
Description
The property comprises a substantial building with a public house on the ground floor with a beer garden to the rear and self contained office accommodation on the first and second floors. The first and second floor offices may be suitable for residential redevelopment (subject to consents).
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.
Completion Period
Six Week Completion
EPC
Band C. See legal pack.
Description
The property comprises a substantial building with a public house on the ground floor with a beer garden to the rear and self contained office accommodation on the first and second floors. The first and second floor offices may be suitable for residential redevelopment (subject to consents).
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.
Completion Period
Six Week Completion
EPC
Band C. See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (reversion)
Ground
Public House
513.00 sq m
(5522 sq ft)
JD WETHERSPOON PLC (1)
39 years and 51 weeks from 05/01/1999 until 28/12/2038
£80,000
05/01/2019 and 5 yearly (28/12/2038)
First Second
OfficeOffice
336.40 sq m 338.00 sq m
(3,621 sq ft) (3,638 sq ft)
(2)
Total
1,187.40 sq m
(12,781 sq ft)
£80,000
(1) For the year ending 28th July 2019, J D Wetherspoon plc reported a turnover of 1,818,793,000, pre-tax profits of 95,419,000 and shareholders funds of 316,812,000 (Source: SmartSearch 25/08/2020). (2) The mortgagee is aware of a lease dated 2 July 2005 in respect of the upper floors at the property granted to an individual for a term of 25 years at a peppercorn rent. The lease is not registered and as far as the mortgagee is aware, the Individual was not in occupation at the date of the mortgage (i.e. 1 February 2007). Accordingly the individual did not have an overriding interest and it is considered that the mortgagee is not bound by the lease. It is proposed that the Seller will execute the transfer deed for the property by way of a TR2. The buyer is however to make his own enquiries and satisfy himself as to his legal position.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
