For Sale by private treaty.

Offers based on £565,000 are sought for the long leasehold interest, equating to a net initial yield of 8%.

Town Centre Public House Investment Opportunity

The property comprises a substantial ground floor corner unit extending to 6,313 sq. ft.(586.71 sq m). The property benefits from both front and side entrances leading to the large open plan bar/lounge bar area with bar servery and access to customer WC's. To the rear of the bar there is a commercial kitchen with ancillary areas and offices beyond.

There is access from the rear service yard and there is a large public pay & display car park accessed from Victoria Street.

Accommodation
6,313 Sq. Ft. (586.71 sq m).

Location
Redditch is a town in north-east Worcestershire that was designated a New Town' in 1964. The town is located 29 km (18 miles) south of Birmingham, 40 km (25 miles) north-east of Worcester and 185 km (115 miles) north-west of London.

The town benefits from excellent transport links, being located 7 km (4.5 miles) south of Junction 2 of the M42 motorway.

Redditch train station provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes.

The closest airport is Birmingham International Airport (30km/19 miles to the northeast).

SITUATION
Retail in Redditch is dominated by the Kingfisher Shopping Centre where occupiers include, H&M, JD Sports, Boots, M&S, New Look, Next and Primark. Alcester Street, where the subject property is located, provides a link from the scheme to both the Palace Theatre and the other shopping hub at the Trafford Retail Park where Aldi, Maplin and Iceland occupy space. The Quadrant is in the pedestrianised main leisure area of Redditch town centre, close to the Kingfisher Shopping Centre which attracts more than 200,000 visitors per week.

Alcester Street has become a quasi-leisure pitch with both restaurants and pubs/bars occupying space. To the rear of the property there is a surface car park providing over 140 spaces.

Tenure
The property will be sold virtual Freehold with the benefit of a new 999 year lease from completion, at a peppercorn ground rent.

Tenancy
The property is let in its entirety to Rising Sun Redditch Ltd. for a term of 10 years from 8/12/2025, expiring on 7/12/2035. The headline rent is £47,500 per annum . The rent from lease commencement is £40,000 pax rising to £42,500 pax on 8/12/2027, then £45,000 from 8/12/2028 and £47,500 pax from 8/12/2029. There is a break clause at 8/12/2030 and the vendor will provide rent top ups to the headline rent upon completion.

VAT
We are advised that VAT is applicable to the purchase price, although the sale is likely to be treated as a TOGC.

Business Rates
The property has a rateable value (April 2023 to present) of £78,000.

EPC
Available upon request.

Service Charge
There is a service charge payable by the occupational tenant towards the upkeep of the communal areas. Further details are available upon request.

Legal Costs
Each party are to be responsible for their own legal costs that may be incurred in this transaction.

Anti Money Laundering
In accordance with Anti Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.

Disclaimer
A director at Bond Wolfe has a vested interest in this property.