Bowers Tap 157/158 Lower Briggate Leeds West Yorkshire LS1 6LY

Bowers Tap
157/158 Lower Briggate
Leeds
West Yorkshire
LS1 6LY

Freehold Long Let Public House Investment with Annual RPI Increases

Substantial Public House in popular City Centre location
Let to Barley Pub Company Ltd until May 2044 (no breaks) guaranteed by Stonegate Pub Company Ltd
Annual RPI rent increases subject to a 2% collar and 4% cap
Lease extended by 5 years in November 2020
Approximately 613.16 sq m (6,600 sq ft)
Opposite Briggate Students Accommodation
Close to Trinity Leeds where retailers include Marks & Spencer, Tesco, McDonald's, Nando's, Wagamama, Boots the Chemist and Pandora
Other nearby occupiers include Sainsbury's Local, Five Guys, Revolution Bar, Everyman Cinema and Caffè Nero

Lot
24
Auction
13th December 2023
Rent
£167,517 per Annum Exclusive
Status
Sold
Price
£1,280,000
Auction Venue
Live Streamed Auction

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Freehold Long Let Public House Investment with Annual RPI Increases

Substantial Public House in popular City Centre location
Let to Barley Pub Company Ltd until May 2044 (no breaks) guaranteed by Stonegate Pub Company Ltd
Annual RPI rent increases subject to a 2% collar and 4% cap
Lease extended by 5 years in November 2020
Approximately 613.16 sq m (6,600 sq ft)
Opposite Briggate Students Accommodation
Close to Trinity Leeds where retailers include Marks & Spencer, Tesco, McDonald's, Nando's, Wagamama, Boots the Chemist and Pandora
Other nearby occupiers include Sainsbury's Local, Five Guys, Revolution Bar, Everyman Cinema and Caffè Nero

Lot 24
Auction 13th December 2023
Rent £167,517 per Annum Exclusive
Status Sold
Price £1,280,000
Sector
Public House
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 15 miles south Harrogate, 26 miles south-west of York, 44 miles north-east of Manchester
Roads: M621, M1, A1(M), A64
Rail: Leeds Train Station
Air: Leeds Bradford Airport

Situation

Leeds is the third largest City in the UK, with a resident population of over 750,000. The City boasts excellent communication links being within close proximity of the A61, M62 and M1. Leeds is the third busiest railway station outside of London with over 31 million passengers per annum.

The property is located within the prime retail and leisure quarter of Leeds City Centre, on the east side of Lower Briggate, close to its junction with Duncan Street. The new student accommodation scheme 'Briggate Students' is opposite with other nearby occupiers including Marks & Spencer, Tesco, Revolution Bar, Everyman Cinema, McDonald's, Nando's, Wagamama, Five Guys, Boots the Chemist and Caffè Nero.

Tenure

Freehold.

Location

Miles: 15 miles south Harrogate, 26 miles south-west of York, 44 miles north-east of Manchester
Roads: M621, M1, A1(M), A64
Rail: Leeds Train Station
Air: Leeds Bradford Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial public house trading on the ground and first floors. The kitchen, beer and spirit store and customer WC's are at basement level while the second floor comprises ancillary accommodation and a managers flat with 3 bedrooms, kitchen, bathroom and sitting room. A further 1 bedroom flat is provided at the third floor with sitting room, kitchenette and bathroom. The building is situated within a conservation area.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

B37

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

B37

Tenancy & Accommodation

Floor	Use	Gross Internal Floor Areas Approx sq m	Gross Internal Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent Review
Ground Basement First Second Third	Public House Kitchen/Storage Public House Ancillary/3 bed staff flat 1 bed staff flat	209.03 195.10 209.03 Not Measured Not Measured	(2,250) (2,100) (2,250) Not Measured Not Measured	BARELY PUB COMPANY LIMITED guaranteed by STONEGATE PUB COMPANY LIMITED (1)	From 15/12/2004 until 21/05/2044 Annual RPI linked rent increases on 22nd May (2% collar and 4% cap). FR&I (2)	£167,517	21/05/2024 (Annually thereafter)
Total Commercial Area		613.16	(6,600)			£167,517

(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, Walk about and Be At One (www.stonegategroup.co.uk).
(2) The lease was extended in November 2020 for a further 5 years (from 22/05/2039 to 21/05/2044).

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.