Pub for sale

Commercial information

• Business for sale

Full description

Description

Distinctive, four storey terraced building where a pub has stood since 1415. Over the years parts have been rebuilt and altered but much of the original charm and features remain.
With ground floor bar (80 seats), fully fitted theatre (60) on the first and outside terrace (20), this well established business has untapped potential still to be realised.

The Old Red Lion Public House & Theatre is located at the busy junction of City Road, Islington High Street and Pentonville Road, five minutes walk from Angel tube station and Upper Street. This places it at the hub of the Angel district and surrounded by other retailers such as Jamie's Italian, Banana Tree and Hummingbird Bakery. With the main frontage onto St John's Street, the site benefits from a further entrance on the Goswell/City Road which leads directly into the rear of the pub.

Main bar which is divided into two sections with high ceilings, many original features and interesting "History Wall" detailing the life of the Old Red Lion. Fixed and loose table and chair seating with additional lounge seating plus standing accommodating up to 100. There are Ladies and Gents WC to the rear and access to the rear terrace.

On the first floor, with stairs from the main bar, is the fully equipped theatre which has a raised stage and wooden fixed tiered bench seating for 60. The theatre has been in operation since 1979 and was previously a boxing ring.
First floor commercial kitchen.

We are advised all trade fixtures and fittings at present in the property are included within the sale, with the exception of a small number of items subject to lease or hire purchase. Some personal items may be removed and are excluded from the sale.

To the rear is a partially covered seating terrace with space for 20. There is also a first floor private roof terrace for the owners.

Two bedroomed self-contained flat with lounge and kitchen. Two further bedsit rooms and shared bathroom.

The Old Red Lion Pub & Theatre is considered to be one of the oldest and most established public houses in London. With its excellent reputation as being one of London's most renowned Fringe theatres, the Old Red Lion presents a unique opportunity to further develop the busy bar and food trade.

Our client has been in occupation for over 18 years and is now looking to retire.

Further information can be found at www.oldredliontheatre.co.uk

The business is family run with a number of full and part time staff. All staff will transfer with the business in accordance with the Transfer of Undertakings (Protection of Employment) Regulations.

The bar is a well noted real ale pub so is principally a wet-led venue. In addition there are a selection of Pieminister Pies available. On most occasions the theatre is hired by various companies with a hire charge and royalties generated for the Old Red Lion.

Annual net sales for the last two financial years has been around £780,000 with £150,000 of this generated by the theatre. Further trading information can be made available on request.

The premises currently trades Sunday to Thursday 12pm - 12am, Friday and Saturday 12pm - 1am.

The rateable value for the premises is set at £75,000. (VOA 2017)

The landlords, Star Pubs and Bars, are looking to grant a new lease for a term of up to 15 years. The commencing rent will be £80,000 with five year rent reviews on a full repairing and insuring lease. The lease is partially tied for the supply of draught and bottled beer, lager and cider. All terms are subject to further negotiation. The current owner will look to assign the existing lease which will then be surrendered and the new lease granted simultaneously.