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Woodman Arms, 29 High Street

For sale: £495,000.00|0.1 Acre|Pubs/Bars/Clubs, Licensed & Leisure

PROPERTY DETAILS

FOR SALE£495,000.00
SIZE0.1 Acre
ADDRESSWoodman Arms, 29 High Street, Normanby, Middlesbrough, TS6 0NH
TYPEPubs/Bars/Clubs, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON8th September 2020

DESCRIPTION

Key Points

  • Freehold Public House Investment
  • Let to Northern Bay Leisure Ltd
  • Current rent £48,000 per annum
  • Let on a lease until 2031
  • Business unaffected by sale
  • Site area of approximately 0.1 acres
  • We are seeking offers in excess of £495,000 (9.3% NIY)
  • Summary

    Freehold Public House Investment

    Description

    The Property comprises a two storey semi detached public house of painted brick elevations beneath a pitched slate covered roof. Single storey extension to the rear. To the rear is an enclosed beer patio with seating for 50 customers.

    Viewings

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

    Location

    The Property is located in the suburb of Normanby, five miles to the south of Middlesbrough town centre. The Woodman Arms is situated fronting the B1380 High Street in the centre of Normanby. The nearby A171 and A1053 provides access to Middlesbrough. The immediate locality is commercial in nature, with nearby retailers including Boots Pharmacy and Tesco Express.

    Terms

    We are instructed to invite offers in excess of £495,000 (9.69% 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

    Ground floor traditional trading accommodation providing a wooden floored public bar and a carpeted lounge with an inter-linking bar servery. Customer toilets and former catering kitchen. First floor living accommodation. Beer cellar and stores to the basement.

    Tenure

    The Property is held freehold. The entire Property is let on a 20 year lease to Northern Bay Leisure Ltd commencing 7th October 2011. Current rental of £48,000 per annum, subject five yearly rent 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 £35,500.

    LOCATION

    Location: Woodman Arms, 29 High Street, Normanby, Middlesbrough, TS6 0NH

    Marton (1.3 miles)

    Gypsy Lane (1.9 miles)

    South Bank (2.1 miles)

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