Pub for sale
Freehold Pub & Dev Opportunity Let to A SPIRIT PUB NOW OWNED BY PUNCH TAVERNS PLC at 84, ST. ANNS ROAD, HARROW, HA1 1JP
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- Business for sale
- Prime Location
- Attractive detached public house.
- Let to Spirit until 2034 with no breaks. Guarantee by company with Net Assets of £60 million. Now
- 2.5% annual uplifts, payable annually
- Rent £312,293 per annum guaranteed to rise to £399,761 in 2023.
Location: The London suburb of Harrow is a well established retail and commercial centre. Heathrow Airport is approximately 11 miles to the south – west and nearby A40, M1 motorway (Junction 1) and M25 motorway (Junction 17) provide excellent access to the national road network.
Situation: The property is situated on St Anns Road and benefits from being located next to the main entrance to the St George Shopping Centre, with nearby occupiers including Bhs, Dorothy Perkins, Argos and The Carphone Warehouse.
Floor Use Sq M Sq. Ft.
Basement Cellar 87.74 944
Ground Public House 375.75 4,045
First Residential 320.00 3,444
Second Residential 90.00 969
Total Approximate Floor Area 873.49 9,402
Tenancy: Let to New Pubco ( SLB) Ltd, a wholly owned subsidiary of The Tattershall Castle Group, on assignment from Spirit Managed Inns Ltd. The lease is guaranteed by Spirit Intermediate Holding Limited and runs for a term of 30 years from 25 March 2004 until 24 March 2034 on full repairing and insuring terms. This pub has now been acquired by Punch Taverns Plc.
Rent review Fixed Uplifts.
25/3/2014 £320,099 p.a.
25/3/2015 £328,102 p.a.
25/3/2016 £336,305 p.a.
25/3/2017 £344,713 p.a.
25/3/2018 £353,330 p.a.
25/3/2019 £362,164 p.a.
25/3/2020 £371,218 p.a.
25/3/2021 £380,498 p.a.
25/3/2022 £390,010 p.a.
25/3/2023 £399,761 p.a.
Thereafter 5 years reviews to be the greater of
(a) open market
(b) Fixed Rent increase of 2.5% per annum.
Development Prospects – Subject to Planning
The upper parts could be converted to make 35 flats on 27,000 Sq. Ft., subject to planning.
Covenant: Spirit Intermediate Holding Limited (the guarantor, Company Registration No. 4914762) is the beneficial owner of substantially all of the operating assets within the Spirit Group.Net assets of the company is £60 million.
Now part of Punch Group.
Net Assets: £695 million.
VAT: VAT is applicable to this lot.
Price: Offers in excess of £5,500,000 – 6% Net