Exchequer, 60 High Street, Kirkcaldy, KY1 1LN
- SIZE AVAILABLE
9,997 sq ft
929 sq m
- SECTOR
Commercial property for sale
Key features
- Heritable public house investment
- Entire property let to Stonegate Pub Company Limited with Town & City Pub Group Limited and Bay Restaurant Group Limited as Guarantor
- Property arranged over three levels and extending to 9,997 Sq Ft (928 Sq M)
- Current rent £147,232 per annum with the next rent review due in February 2030
- The property has been entered in the Savills auction on 23rd April 2025
- Lease expiring 7 July 2045
- The rent is subject to five yearly annually compounded upwards only rent reviews in line with RPI subject to a collar of 1% and cap of 4%
- Offers in excess of £1,100,000 (12.65% NIY)
- Business unaffected by sale
Description
The part two and part three storey terrace building is arranged over ground, first and second floors with stone elevations beneath a pitched roof.
Location
Located in the centre of the town of Kirkcaldy fronting High Street a short distance west of the waterfront to the First of Forth and south of the pedestrianised high street to the north.
The Exchequer is situated in the main shopping and leisure circuit with nearby operators including the Robert Nairn (JD Wetherspoon) and a number of independent bar and restaurant operators.
Tenure
This property is held heritable (Title number FFE42379).
Tenancy
The entire property is let to Stonegate Pub Company Limited with Town & City Pub Group Limited and Bay Restaurant Group Limited as Guarantor at a current rent of £147,232 per annum, which is subject to five yearly annually compounded upwards only rent reviews in line with RPI subject to a collar of 1% and cap of 4%, with the lease expiring 7 July 2045. The next rent review is 5 February 2030.
Planning
The property is not listed but is situated within Abbotshall & Central Kirkcaldy Conservation Area.
VAT
It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT on the basis the purchasing entity is VAT registered.
EPC
E - 68
Terms
Offers in excess of £1,100,000 which reflects a Net Initial Yield of 12.65% NIY based upon the standard purchasers costs.
The property will be sold in the Savills auction on 23rd April 2025 unless sold prior with the following link providing access to the auction catalogue. Please note the property will be sold via an auction contract even if sold prior to the auction.
Covenant
Stonegate Pub Company Limited is the largest pub company in the UK currently owning and operating 4,432 pubs/bars with revenue of £1,719m in the 52 weeks to 24 September 2023.
Stonegate Group are backed by private equity firm TDR Capital and were established in 2010 through the acquisition of 333 pubs from Mitchells and Butlers for £373 million. In March 2020, Stonegate acquired Ei Group for £1.27bn to produce the UK’s largest pub company comprising 1,349 managed operations and 3,033 leased and tenanted pubs.
In July 2024 Stonegate Group completed their debt refinancing requirements which resulted in TDR Capital making a £250m shareholder contribution demonstrating their continued support for the business. This follows the refinancing agreement with Apollo in December 2023 for £638m in relation to c1,000 pubs within the Stonegate estate.
The company is renowned for its Yates and Slug & Lettuce brands however they operate a number of formats including Popworld, Walkabout, Be at One, Craft Union, Proper Pubs, Social Pub and Kitchen and Sports Bar & Grill.
Fixtures & Fittings
The fixtures and fittings are currently owned by the occupational tenant.
Viewings
All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.
For further information and all viewing requests please contact the sole selling agents Savills.
Money Laundering
Money Laundering Regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.
Energy Performance Certificates
EPCBrochures
Exchequer, 60 High Street, Kirkcaldy, KY1 1LN
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Kirkcaldy Station0.4 miles
- Kinghorn Station2.8 miles
- Glenrothes with Thornton Station3.8 miles
Notes
Disclaimer - Property reference 231839-1. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Savills, Margaret Street - Licensed Leisure. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Savills, Margaret Street - Licensed Leisure on 020 3909 6571.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a Guide Price or a range of Guide Prices. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a Reserve Price below which the property cannot be sold at auction. Normally the Reserve Price will be set within the range of Guide Prices or no more than 10% above a single Guide Price.
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