Prime City of London Freehold Public House Investment
Let to Spirit Pub Company (Trent) Ltd, with surety from Spirit Intermediate Holdings Ltd
Prime City of London location
Adjacent to Broadgate Office Development
Alternative use redevelopment potential with possibility of adding additional floors (subject to consent)
Nearby occupiers; Bloomberg, Deutsche Bank, UBS, ICAP, Herbert Smith and Blackrock
Six Week Completion Period Available
Lot 10
Auction 21st March 2013
Rent £75,000 per Annum Exclusive
Status Sold Prior
Price
Sector Public House
Auction Venue The Dorchester Hotel Park Lane Entrance Mayfair London W1K 1QA
On Behalf of British Land
Property Information
Location
Miles
600 metres north of The Bank of England
Roads
City Road (A501), A1, A10, A3
Rail
200 metres from Liverpool Street Mainline (new Crossrail Station) and Underground Station (Central, Circle, Hammersmith & Metropolitan Lines), Moorgate Railway Station
Air
London City Airport
Situation
The property is situated in a prominent corner position on the northern side of Eldon Street, at its junction with Wilson Street, between Moorgate and Bishopsgate. The location will be further enhanced on completion of Crossrail, as Liverpool Street Station will be the City of London’s principal Crossrail Station. The substantial 4 million sq ft Broadgate office development, comprising 16 office blocks with approximately 30,000 employees, is immediately adjacent to the property. Major occupiers close by include; Bloomberg, Deutsche Bank, UBS and ICAP. There is a further 840,000 sq ft under development on the Broadgate Estate.
Tenure
Freehold.
Location
Miles
600 metres north of The Bank of England
Roads
City Road (A501), A1, A10, A3
Rail
200 metres from Liverpool Street Mainline (new Crossrail Station) and Underground Station (Central, Circle, Hammersmith & Metropolitan Lines), Moorgate Railway Station
Air
London City Airport
Situation
The property is situated in a prominent corner position on the northern side of Eldon Street, at its junction with Wilson Street, between Moorgate and Bishopsgate. The location will be further enhanced on completion of Crossrail, as Liverpool Street Station will be the City of London’s principal Crossrail Station. The substantial 4 million sq ft Broadgate office development, comprising 16 office blocks with approximately 30,000 employees, is immediately adjacent to the property. Major occupiers close by include; Bloomberg, Deutsche Bank, UBS and ICAP. There is a further 840,000 sq ft under development on the Broadgate Estate.
Tenure
Freehold.
Description
The property is an attractive traditional building with Public House accommodation on the ground and first floor, and ancillary accommodation on the basement and second floors and a two room residential flat on the third floor. The property may be suitable for alternative redevelopment with additional floors, as both adjoining properties are significantly higher, subject to consents.
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 is an attractive traditional building with Public House accommodation on the ground and first floor, and ancillary accommodation on the basement and second floors and a two room residential flat on the third floor. The property may be suitable for alternative redevelopment with additional floors, as both adjoining properties are significantly higher, subject to consents.
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/ (Reversion)
Basement Ground First Second Third
Ancillary Public House Public House Ancillary Residential
62.64 sq m 64.45 sq m 60.60 sq m 55.22 sq m 56.91 sq m
SPIRIT PUB COMPANY (TRENT) LTD (1) with surety from Spirit Intermediate Holdings Ltd (2)
10 years from 25/12/2010 until 2020 on a full repairing and insuring lease
£75,000
24/12/2015 (25/12/2020)
Totals
299.82 sq m
(3,225 sq ft)
£75,000
1) Spirit Pub Company (Trent) Ltd operate over 1,200 Public Houses nationwide with a portfolio of award winning brands. (Source: www.spiritpubcompany.com 18/02/2013) (2)The year ending 2011, Spirit Intermediate Holdings Limited reported a net worth of 134,232,000 (Source: www.riskdisk.com 18/02/2013).
