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Agent's details

The Crown Inn, Romsey Road

For sale: £500,000.00|0.22 Acre|Pubs/Bars/Clubs, Restaurants/Cafes, Licensed & Leisure

Property details

FOR SALE£500,000.00
SIZE0.22 Acre
ADDRESSThe Crown Inn, Romsey Road, Kings Somborne, Stockbridge, SO20 6PW
TYPEPubs/Bars/Clubs, Restaurants/Cafes, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON13th September 2021

Description

Key Points

  • Freehold public house investment
  • Let to T Minter & J Evans LLP
  • Current rent £36,000 per annum
  • Lease without break, expiring in October 2028 giving an unexpired term of approximately 9 years
  • Business unaffected by sale
  • Site area of approximately 0.225 acres (0.091 ha)
  • We are seeking offers in excess of £500,000 (5.71% NIY)
  • Summary

    Freehold public house investment for sale, currently let on a lease expiring in 2028

    Description

    The property was built in 1753 and comprises a Grade II Listed, two storey semi-detached building, with single storey extension to the left elevation. The Crown Inn has painted and rendered mock Tudor elevations beneath a thatched roof. Externally there is a beer garden to the side with seating for approximately 30 customers. There are some additional picnic benches provided to the front of the property also. The car park to the left of the pub, provides parking for approximately 13 vehicles.

    Location

    The property is located in the village of King Somborne, Hampshire, 12.2 kilometres (7.6 miles) west of Winchester, 21.5 kilometres (13.4 miles) east of Salisbury, and 14.7 kilometres (9.1 miles) south of Andover. The Crown Inn is situated in the village of Kings Somborne fronting Romsey Road which provides access to neighbouring villages. The property is located in a semi-rural residential area with local facilities including Kings Somborne Parish Church, Kings Somborne Village Hall and Kings Somborne CofE Primary School.

    Specifications

    Internally the public house is cosy in its layout with a number of interconnecting trade rooms. The right hand side of the pub features the bar servery and public bar area. To more formal dining areas are located to the left. WC’s are also provided adjacent to this area. The kitchen and cellar are positioned at the rear of the ground floor. The first floor comprises of an office/lounge, 3 bedrooms and a bathroom.

    Accomodation

    Internally the public house is cosy in its layout with a number of interconnecting trade rooms. The right hand side of the pub features the bar servery and public bar area. Two more formal dining areas are located to the left. WC’s are also provided adjacent to this area. The kitchen and cellar are positioned at the rear of the ground floor. The first floor comprises of an office/lounge, 3 bedrooms and a bathroom.

    EPC

    An EPC is in the course of preparation.

    Planning

    Our initial enquiries of the local authority have revealed that the property is Grade II listed and located within the Kings Somborne Conservation Area.

    Tenure & Tenancy

    The entire property is let on a 10 year full repairing and insuring lease to T Minter & J Evans LLP (Company Number OC320959) expiring 18th October 2028 at a current rent of £36,000 per annum, subject annual RPI indexation and upwards only 5 yearly open market reviews. The lease is free of trading ties.

    Covenant

    The tenant has been in occupation for in excess of 11 years and can therefore be considered a well-established independent operator with a successful and sustainable business.

    The Market

    Investor appetite for public house investments throughout the United Kingdom has increased in recent years particularly where opportunities are let to strong covenants in affluent towns and cities with guaranteed rental growth. The continued strong operational performance across the public house sector, which has outperformed the more traditional asset classes in recent times, has provided further certainty to investors as to the security of their income.

    VAT

    It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT.

    Terms

    We are instructed to invite offers in excess of £500,000 (6.88% NIY) assuming purchasers costs of 5.05%. The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.

    Location

    marker
    Location: The Crown Inn, Romsey Road, Kings Somborne, Stockbridge, SO20 6PW

    Mottisfont & Dunbridge (3.7 miles)

    Romsey (5.8 miles)

    Dean (6.8 miles)

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