Prominent pub investment
Let on a lease expiring 2032
Producing £45,000 per annum
2,745 sq ft (255.06 sq m)
Guide Price of £600,000 reflects an attractive Net Initial Yield of 7.16%
The property comprises a public house arranged over ground and first floors. The ground floor principally comprises a bar area with approximately 40 covers indoors and additional seating outside. The ground floor also includes a kitchen, storage area and customer toilets.
The first floor includes further storage as well as living accommodation, this includes two double bedrooms, kitchen and a bathroom.
There is a small courtyard to the rear which provides further seating as well as storage.
The property benefits from the pedestrianisation of Carlton Place, which was part of a trial and made permanent in February 2022, the pub therefore has seating outside the frontage and has become a destination for al fresco drinks and dining within Southampton.
The property is located in the Polygon area of Southampton, to the north of the city centre. The area is known as the nightlife epicentre of Southampton with many bars and nightclubs including Brewdog, Revolution and Popworld.
The property occupies a prominent corner frontage at the junction of Carlton Place and Upper Bannister Street. The property is surrounded on almost all sides by properties in a similar use including Piecaramba, XOXO and Fever and Vibe, which occupy the other corner sites of the same junction and all benefit from the recent pedestrianisation of the street.
The property is let in its entirety to AMJH Limited on a 13 year lease expiring February 2032 and producing a rent of £45,000 per annum. Please see the tenancy schedule and legal pack for more information.
We understand the property has been elected for VAT. It is envisaged the sale will be dealt with as a TOGC
Max MasonCall me 07917 865 212
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
ADMINISTRATION FEE The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000