Freehold Bar Investment
The Property comprises a three storey semi detached building of brick elevations, partially rendered, beneath a pitched slate covered roof. The are no associated external trading areas.
All viewings must be arranged strictly by appointment with the sole selling agents Savills.
The Property is located in the town of Warrington, Cheshire. Warrington is 18 miles south west of Manchester and 20 miles east of Liverpool. The M6, M56 and M62 motorways surround the town. Level is situated fronting Rylands Street, off Bridge Street, in Warrington town centre. Bridge Street is known as the main leisure circuit in the town centre. The locality is commercial in nature with a variety of licensed and late night operators.
We are instructed to invite offers in excess of £425,000 (8.73% Gross Initial Yield). The business will continue to trade unaffected from the premises during the marketing of the Property and post completion of the sale.
The trading accommodation is over ground and first floor levels providing a late night bar. There are customer toilets on both floors so the trading areas can be separated for functions. The second floor is unused except for storage.
The Property is held freehold. The entire Property is let on a 10 year lease to Priory Inns Northwest Ltd commencing 29th September 2017. Current rental of £37,120 per annum, subject to annual RPI linked rental increases and five yearly open market reviews.
It is envisaged that the Property will be sold as a TOGC so the transaction should therefore be exempt from VAT.
Our enquiries of the local authority have revealed that the Property is not listed nor within a Conservation Area.
The subject Property is listed within the 2017 Rating List with a rateable value of £40,000.
Warrington Central (0.3 miles)
Warrington Bank Quay (0.4 miles)
Padgate (2.0 miles)