Flint Cottage, 3 Amersham Hill, High Wycombe, HP13 6NQ

Description
The property comprises the ground, basement and first floor of a two storey semi-detached building with flint stone elevations beneath a pitched and hipped roof.

Location
Located in the town of High Wycombe in the county of Buckinghamshire, 30.5 miles (48.8 kilometres) south east of Oxford and 33.0 miles (52.8 kilometres) west of London.

The Flint Cottage is situated fronting Amersham Hill and is located directly opposite High Wycombe train station. Nearby occupiers include the Falcon (JD Wetherspoon) and O'Neill's with the Eden Shopping centre a short distance to the west.

Accommodation
Ground Floor: The ground floor provides an open plan trading area with a central bar servery and seating on loose tables, chairs and bench seating for 78 customers. Ancillary areas include a trade kitchen, customer WC's and stores to the rear.

First Floor: The first floor comprises the office, kitchen stores and the managers flat with a double bedroom, lounge, kitchen, and bathroom. Basement: The basement provides a cellar and stores.

Externally: There is an enclosed customer area to the rear with seating on loose tables, chairs and benches for 180 customers. There is no parking.

Tenure
The property is held freehold (Title Number BM202614).

Tenancy
The entire property is let to Charles Wells Limited on a 20 year lease from 3 March2020 at a current rent of £83,040 per annum which is subject to five yearly open market reviews and annual RPI increases from 3 March 2025 with a collar 2% and a cap of 4% (except in the open market review year). The tenant has a break option on 3 March 2035 upon giving not less that 6 months written notice.

Planning
The property is Grade II Listed and is situated within the High Wycombe 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.

Covenant
The property is let to Charles Wells Limited who currently own/operate over 200pubs across England & France under both tenanted and managed models. In their latest accounts which were 12 months to the 1st October 2023, the company generated revenue of £62.31m and EBITDA of £9.52m an increase from £55.24m and EBITDA of £8.71m in the prior year. Prior to the Covid-19 pandemic in the financial year to 29 September 2019, Charles Wells Limited generated revenue of £53.24m and EBITDA of £9.84m.

In 2017, the Group sold its brewing trade and assets to Marston’s PLC for £55m and has since built a smaller brewery and is focusing on the growth of its pub divisions. Charles Wells Limited has published the following financial information:

Year End 01/10/2023 02/10/2022 27/09/2020
Turnover £62.31m £55.24m £30.48m
EBITDA £9.52m £8.71m £5.12m
Cash £8.13m £14.06m £16.10m

EPC
C - 72

Terms
We are instructed to invite offers in excess of £1,000,000 (7.85% NIY) assuming the usual purchasers costs.

Fixtures and Fittings
The fixtures and fittings are currently owned by the occupational tenant.

Money Laundering
Money Laundering Regulations require Savills to conduct checks upon all prospective purchasers. Prospective purchasers will need to provide proof of identity and residence.

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.