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Refectory, Old Portsmouth Road

For sale: £4,000,000.00|1 Sq Ft|Pubs/Bars/Clubs, Restaurants/Cafes, Leisure Property, Other, Licensed & Leisure, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£4,000,000.00
SIZE1 Sq Ft
ADDRESSRefectory, Old Portsmouth Road, Godalming, GU85 HJ
TYPEPubs/Bars/Clubs, Restaurants/Cafes, Leisure Property, Other, Licensed & Leisure, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON8th September 2020

DESCRIPTION

Key Points

  • Freehold public house investment
  • Let to Punch Partnerships (PRGP) Limited which has a 5A1 D&B; rating
  • Guarantor of Punch Taverns (PGE) Limited which has a 5A1 D&B; rating
  • Underlet to leading pub operator Brunning & Price
  • Held on an existing lease expiring March 2034
  • Rent – £202,740 per annum
  • Fixed annual increases of 2.5% per annum until March 2024
  • 5 yearly upwards only reviews to Open Market Value from March 2024
  • Business unaffected by sale
  • We are seeking offers in excess of £4,000,000 (4.75% NIY)
  • Summary

    Freehold public house investment for sale, currently let to Punch Taverns with an estate of 1,300 pubs across the United Kingdom.

    Description

    The Refectory comprises the ground floor only of a detached building of brick construction under a pitched and hipped tiled roof. Externally there is an extensive trading terrace to the rear and side elevations with seating for approximately 112 customers as well as a children’s play area to the rear. There is customer car parking to the rear of the site for approximately 70 vehicles. We are instructed to invite offers in excess of £4,000,000 (4.75% NIY) assuming purchasers costs of 6.54%. The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.

    Location

    Located on the outskirts of the historic market town of Godalming in the village of Milford close to the South Downs National Park, Milford Golf Club and a number of residential properties. The Refectory occupies a prominent position fronting the A3100 which provides access to Godalming and Guildford to the north and Haslemere via the A3 to the south. Within close proximity to the Refectory is Milford Golf Club, Milford Primary School, St Joseph’s Church and Thursley National Nature Reserve.

    Terms

    The property is held freehold. The entire property is let on a 30 year lease to Punch Partnerships (PRGP) Limited (Company Number 03988664) with a guarantor from Punch Taverns (PGE) Limited (Company Number 03982441) expiring on 24 March 2034 at a current rent of £202,740 per annum subject to fixed annual increases of 2.5% until March 2024. From March 2024 and five yearly thereafter the rent is reviewed to the open market rent.

    LOCATION

    Location: Refectory, Old Portsmouth Road, Godalming, GU85 HJ

    Portsmouth & Southsea (0.6 miles)

    Fratton (0.9 miles)

    Portsmouth Harbour (1.1 miles)

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