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Reef, 96 Bridge Street

For sale: £510,000.00|0.04 Acre|Pubs/Bars/Clubs, Licensed & Leisure

PROPERTY DETAILS

FOR SALE£510,000.00
SIZE0.04 Acre
ADDRESSReef, 96 Bridge Street, Warrington, WA1 2RF
TYPEPubs/Bars/Clubs, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON24th September 2020

DESCRIPTION

Key Points

  • Freehold Nightclub Investment
  • Let to Dv8 Bars Ltd
  • Current rent £45,504 per annum
  • Let on a lease until 2027
  • Business unaffected by sale
  • Site area of approximately 0.04 acres
  • We are seeking offers in excess of £510,000 (8.92% Gross Initial Yield)
  • Summary

    Freehold Nightclub Investment

    Description

    The Property comprises a three storey end terraced building of brick elevations beneath a pitched slate covered roof. The are no associated external trading areas.

    Viewings

    All viewings must be arranged strictly by appointment with the sole selling agents Savills.

    Location

    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. Reef is situated upon 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.

    Terms

    We are instructed to invite offers in excess of £510,000 (8.92% 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.

    Promo

    Freehold Nightclub Investment

    Accommodation

    Ground floor main entrance leading to an open plan trading area. Single bar servery and dancefloor with a capacity for 200 patrons. First floor customer toilets and offices. Former two bed flat to the second floor. Beer cellar to the basement.

    Tenure

    The Property is held freehold. The entire Property is let on a 10 year lease to Dv8 Bars Ltd commencing 24th May 2017. Current rental of £45,504 per annum, subject to annual RPI linked rental increases and five yearly open market reviews.

    VAT

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

    Planning

    Our enquiries of the local authority have revealed that the Property is not listed nor within a Conservation Area.

    Rateable Value

    The subject Property is listed within the 2017 Rating List with a rateable value of £19,250.

    LOCATION

    Location: Reef, 96 Bridge Street, Warrington, WA1 2RF

    Warrington Central (0.3 miles)

    Warrington Bank Quay (0.4 miles)

    Padgate (2.0 miles)

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