icons_size_white icons_size
menu

Agent's details

Walkabout, 13 Bird Street

For sale: £1,750,000.00|6,376 Sq Ft|Pubs/Bars/Clubs, Other, Leisure Property, Licensed & Leisure, Other Property Types & Opportunities

Property details

FOR SALE£1,750,000.00
SIZE6,376 Sq Ft
ADDRESSWalkabout, 13 Bird Street, Lichfield, WS13 6PW
TYPEPubs/Bars/Clubs, Other, Leisure Property, Licensed & Leisure, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON13th September 2021

Description

Key Points

  • Freehold Public House investment
  • Let to Stonegate Pub Company Limited which is the UKs largest pub company
  • Current rent £113,140.82 per annum which is subject to a fixed increase in September 2024 to £128,008.45 per annum
  • Business unaffected by sale
  • We are seeking offers in excess of £1,750,000 (6.09% NIY)
  • Fixed five yearly rental increases reflecting 2.5% per annum
  • Unexpired term of 23 years with lease expiry in September 2044
  • Close to the Garrick Theatre, Lichfield Cathedral and Staffordshire University
  • Entire building GIA – 592.2 sq m (6,376 sq ft)
  • Business unaffected by sale
  • Summary

    The property comprises the ground and first floor of a two storey corner building.

    Description

    The property comprises the ground and first floor of a two storey corner building with painted rendered and exposed brick elevations beneath a flat roof. Externally there is a trading terrace to the front elevation at ground and first floor levels.

    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.

    Location

    Located in the Cathedral City of Lichfield in the heartof Staffordshire close to the University of Staffordshire with a student population of over 16,500, the Garrick Theatre, Lichfield Cathedral, the Three Spires Shopping Centre and the 70 acre Beacon Park. The Walkabout occupies a prominent corner position fronting Bird Street which is the main leisure pitch in the centre of Lichfield. The property is directly opposite the Best Western George Hotel and a short walk from operators including Brewhouse and Kitchen, Acorn Inn (JD Wetherspoon), Ego Restaurants and Premier Inn.

    Terms

    We are instructed to invite offers in excess of £1,750,000 (6.09% NIY) assuming usual purchasers costs. The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.

    Specifications

    Ground floor The ground floor trading area is fitted as a modern bar with central servery and a variety of loose tables, chairs, sofas and bar stools for approximately 70 customers. Ancillary accommodation includes a disabled toilet, trade kitchen and cellar. First floor Additional trading area with seating on loose tables, chairs and sofas for approximately 40 customers. There is a trading terrace to the front elevation with additional seating for approximately 16 customers. Ancillary accommodation includes ladies and gentlemen’s toilets, prep kitchen, managers office and staff changing rooms.

    Tenure and Tenancy

    The property is held freehold. The entire property is let on a 30 year lease to Stonegate Pub Company Limited (Company Number FC029833) expiring on 9 September 2044 at a current rent of £113,140.82 per annum subject to the following fixed increases which reflect 2.5% annual increases: • 10 September 2024 - £128,008.45 per annum • 10 September 2029 - £144,829.82 per annum • 10 September 2034 - £163,861.64 per annum • 10 September 2039 - £185,394.40 per annum

    Covenant

    The property is let to the Stongate Pub Company, the UK’s largest pub company. Stonegate currently own around 4,500 outlets having completed the acquisition of Ei Groups 4,000 pubs in March 2020. In their latest accounts to 29 September 2019, which were completed prior to the acquisition of Ei Group, the company generated turnover of £853 million and adjusted EBITDA of £134 million. In the financial year to 29 September 2019 Ei Group generated turnover of £724 million and EBITDA of £276 million. Stonegate, who are backed by private equity firm TDR Capital, were formed in 2010 through the acquisition of 333 pubs from Mitchells & Butlers and has since grown through strategic acquisition buying other established groups such as Town & City, Bramwell, Intertain (Walkabout), Sports Bar & Grill, Fever Bars and Be at One.

    Location

    marker
    Location: Walkabout, 13 Bird Street, Lichfield, WS13 6PW

    Lichfield City (0.2 miles)

    Lichfield Trent Valley (1.3 miles)

    Shenstone (3.0 miles)

    close
    What do you think of our website?
    Complete our survey and
    you could win £1000
    Start here