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Agent's details

Townley Hotel, Albert Street

For sale: £555,000.00|0.21 Acre|Pubs/Bars/Clubs, Licensed & Leisure

Property details

FOR SALE£555,000.00
SIZE0.21 Acre
ADDRESSTownley Hotel, Albert Street, Beswick, Manchester, M11 3QW
TYPEPubs/Bars/Clubs, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON9th July 2021

Description

Key Points

  • Freehold Public House Investment
  • Let to A Carroll & P Carroll
  • Current rent £51,168 per annum
  • Let on a lease until 2027
  • Business unaffected by sale
  • Site area of approximately 0.21 acres
  • We are seeking offers in excess of £555,000 (9.21% Gross Initial Yield)
  • Summary

    Freehold Public House Investment

    Description

    The Property comprises a detached two storey public house of brick elevations beneath a pitched tile covered roof. There are beer patios to the front and rear with car parking for five vehicles to the side.

    Viewings

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

    Location

    The Property is located in the residential area of Beswick, two miles to the east of Manchester city centre. The Townley Hotel is situated in a residential area close to the A6010 and A662. The Etihad Stadium, home to Manchester City football club, is less than half a mile from the public house.

    Terms

    We are instructed to invite offers in excess of £555,000 (9.21% 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.

    Accomodation

    Traditional open plan trading accommodation providing areas for both informal socialising and pub games activities. The single bar servery extends into a small function room to the rear. Ground floor kitchen and cellar. Extensive first floor living accommodation with three bedrooms.

    Tenure

    The Property is held freehold. The entire Property is let on a 10 year lease to A Carroll & P Carroll commencing 17th March 2017. Current rental of £51,168 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.

    Covenant

    Established operator.

    Rateable Value

    The subject Property is listed within the 2017 Rating List with a rateable value of £4,800.

    Location

    marker
    Location: Townley Hotel, Albert Street, Beswick, Manchester, M11 3QW

    Ashburys (0.6 miles)

    Ardwick (0.7 miles)

    Manchester Piccadilly (1.1 miles)

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