Virtual Freehold Long Let Public House Investment with Annual CPI Increases
Strategic and Prominent Town Centre Location
Let to Barley Pub Company Limited expiring November 2044 (no breaks) with a guarantee from Stonegate Pub Company Limited
Annual CPI Rental increases subject to a minimum of 1% and maximum of 4%
Comprising approximately 866.28 sq. m. (9,324 sq. ft.) over Ground, First and Second floors
Lot 50
Auction 21st September 2023
Rent £94,778 per Annum Exclusive
Status Sold Prior
Price
Sector Public House
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
Property Information
Location
Miles
22 miles north of Preston, 23 miles north-east of Blackpool
Roads
A683, M6
Rail
Lancaster Railway Station
Air
Manchester Airport
Situation
The property is located in the heart of Lancaster City Centre on the pedestrianised Church Street, one of the city's main retailing thoroughfares. The property is prominently positioned adjacent to the VUE Cinema with other nearby occupiers including McDonalds, TK Maxx, Costa Coffee and many further retailers, bars and restaurants.
Tenure
Virtual Freehold. 999 years from 25th January 2002 at a peppercorn rent per annum.
Location
Miles
22 miles north of Preston, 23 miles north-east of Blackpool
Roads
A683, M6
Rail
Lancaster Railway Station
Air
Manchester Airport
Situation
The property is located in the heart of Lancaster City Centre on the pedestrianised Church Street, one of the city's main retailing thoroughfares. The property is prominently positioned adjacent to the VUE Cinema with other nearby occupiers including McDonalds, TK Maxx, Costa Coffee and many further retailers, bars and restaurants.
Tenure
Virtual Freehold. 999 years from 25th January 2002 at a peppercorn rent per annum.
Description
Public House arranged over ground, first and second floors. The adjoining ground floor retail premises at 39 Church Street has been sold off on a long-lease as per the detail within the tenancy schedule.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
See Legal Pack.
Description
Public House arranged over ground, first and second floors. The adjoining ground floor retail premises at 39 Church Street has been sold off on a long-lease as per the detail within the tenancy schedule.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
See Legal Pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground/First/Second
Public House/ Ancillary
815.13
(8,774)
BARLEY PUB COMPANY LIMITED (CRN 06457362) with a guarantee from STONEGATE PUB COMPANY LIMITED (CRN FC029833) (1)
A term of years from 25/01/2002 until 13/11/2044 (2)
£94,778
13/11/2023 and annually thereafter (3)
Ground, 39 Church Street
Retail
51.15
(550) (4)
FASHION GALLERY LIMITED (CRN 05195802)
250 years from 19/01/2017 until 18/01/2267
Peppercorn
Total Approximate Floor Area
866.28
(9,324)
£94,778
(1) Following the acquisition of EI Group, Stonegate Pub Company is now the largest pub company in Britain with over 4,500 sites. The company operates traditional pubs in both high street and suburban locations, as well as leading branded bars including Slug & Lettuce, Yates, WalkAbout and Be At One (www.stonegategroup.co.uk). (2) An unconditional agreement for lease has been entered into dated 29/10/2020 for a further reversionary lease to be granted on 13/11/2039 for a term from 13/11/2039 until 12/11/2044. (3) The rent reviews are linked to annual CPI uplifts subject to a minimum of 1% and a maximum of 4%. (4) This floor area stated are those published by the Valuation Office Agency (www.voa.gov.uk).
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.
