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Agent's details

All Bar One, 16-17 North Street

For sale: £2,800,000.00|8,108 Sq Ft|Pubs/Bars/Clubs, Other, Licensed & Leisure, Other Property Types & Opportunities

Property details

FOR SALE£2,800,000.00
SIZE8,108 Sq Ft
ADDRESSAll Bar One, 16-17 North Street, Guildford, GU1 4AF
TYPEPubs/Bars/Clubs, Other, Licensed & Leisure, Other Property Types & Opportunities
TENUREInvestment Opportunity, Under Offer, For Sale Leasehold
POSTED ON20th July 2021

Description

Key Points

  • Prime location in the centre of Guildford
  • Let to Mitchells and Butlers Retail (No.2) Limited which has a 5A1 D&B; Rating
  • Mitchells and Butlers have recently completed a share issue to raise £350m
  • Current rent of £185,000 per annum
  • Lease expiry May 2033
  • Five yearly open market rent reviews with the 2018 review outstanding
  • We are seeking offers in excess of £2.80m (6.21% NIY)
  • Business not affected
  • Long leasehold public house and retail investment with an unexpired term
  • Summary

    Long Leasehold public house and retail investment for sale let to Mitchells and Butlers with an estate of over 1,700 pubs across the UK.

    Description

    The property comprises the ground, basement and two upper floors of a three storey terraced building with exposed brick elevations beneath a pitched and hipped roof.

    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.

    Location

    Guildford is an affluent riverside town located in the Surrey Hills approximately 30 miles south west of London. Road and rail communications are excellent. The A3, M3 and M25 motorways all being easily accessible and the town is popular with commuters with frequent train services between Guildford and London Waterloo with an average journey time of 35 minutes. All Bar One and the Guildford Cobblers are located in the heart of the town centre within proximity to the Friary Centre where occupiers nearby include Hollister, Urban Outfitters, River Island, Zara and Superdry. Other major occupiers nearby include House of Fraser, Marks & Spencer, Pret a Manger, Barclays and Decathlon. Guildford has its own cathedral and is the home of the University of Surrey which is home to nearly 17,000 students as well as the G Live arts and entertainment venue.

    Terms

    We are instructed to invite offers in excess of £2,800,000 (5.80% NIY) assuming the usual purchasers costs.

    Accommodation

    Ground Floor - Bar The ground floor trading area is fitted as a modern bar with a central bar servery and a variety of loose tables, chairs and bench seating for approximately 100 customers. Ancillary accommodation comprises a theatre style open plan kitchen to the rear. Ground Floor – Retail The ground floor comprises an open plan retail unit and a separate toilet to the rear. Basement Ancillary accommodation for All Bar One comprises a prep kitchen with dumbwaiter, beer cellar, staff changing rooms and a number of storage rooms. Upper Floors To the rear of the first floor is an additional trading area with a separate bar servery and seating on loose tables, chairs and bench seating for approximately 50 customers. Ancillary accommodation comprises ladies and gentlemen’s toilet facilities, separate staff toilet and boiler room. To the front of the first floor are two self-contained apartments with a separate access directly from North Street. Both apartments comprise a bedroom, kitchen and bathroom. The managers accommodation is situated at second floor and comprises a living room, two bathrooms, kitchen and double bedroom.

    Tenure & Tenancy

    The property is held long leasehold for a term of 150 years from 5 April 1990 at a rent of £1.50 per annum. The entire property is let on a 35 year lease to Mitchells and Butlers Retail (No. 2) Limited (Company Number 03959664) expiring 17 May 2033 at a current rent of £185,000 per annum subject to five yearly upwards only rent reviews, with the 2018 rent review outstanding.

    Covenant

    Mitchells and Butlers is a leading operator of managed restaurants, pubs and bars throughout the UK established in 1889 and currently operating over 1,700 outlets. Their brands include All Bar One, Browns, Miller & Carter, Vintage Inns, Harvester, O’Neills and Toby Carvery. Mitchells and Butlers have recently completed a share issue to raise £350m which has further improved the tenants financial position.

    Location

    marker
    Location: All Bar One, 16-17 North Street, Guildford, GU1 4AF

    Guildford (0.3 miles)

    London Road (Guildford) (0.4 miles)

    Shalford (1.6 miles)

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