Pub for sale

Old Red Lion Pub & Theatre, 418 St John Street Islington, London, EC1V 4NJ

Fixed Price £575,000

Property Description

Commercial information

  • Business for sale

Key features

  • Substantial, historic pub dating from 1400's
  • Busy destination location with high footfall
  • Popular 60 seat theatre on 1st floor
  • Two bedroom flat, two bedsits, trade kitchen
  • Four storey building with external area
  • New lease available. Energy Rating E

Full description

Tenure: Leasehold

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.

Location

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.

Ground Floor

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.

Other Floors

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.

Fixtures & Fittings

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.

External Details

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.

Owner's Accommodation

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

The Opportunity

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

Staff

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.

Trading Information

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.

Trading Hours

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

Business Rates

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

Regulatory

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.


Nearest stations

  • Angel (0.1 mi)
  • Kings Cross Thameslink (0.6 mi)
  • Farringdon (0.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , London

Whitefriars House 6 Carmelite Street, London, EC4Y 0BS

020 3858 2841 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Angel (0.1 mi)
  • Kings Cross Thameslink (0.6 mi)
  • Farringdon (0.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , London

Whitefriars House 6 Carmelite Street, London, EC4Y 0BS

020 3858 2841 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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