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Fisherman's Arms, 40 Lower Stone Street

For sale: £235,000.00|0.06 Acre|Pubs/Bars/Clubs, Licensed & Leisure

PROPERTY DETAILS

FOR SALE£235,000.00
SIZE0.06 Acre
ADDRESSFisherman's Arms, 40 Lower Stone Street, Maidstone, ME15 6NA
TYPEPubs/Bars/Clubs, Licensed & Leisure
TENUREFor Sale Freehold
POSTED ON13th November 2020

DESCRIPTION

Key Points

  • Free of Tie Public House Investment
  • Grade II Listed
  • Let to good individual operator
  • Strong underlying property value
  • Business unaffected by sale
  • To be sold as a portfolio or individually
  • Guide price for the portfolio of £1,760,000, reflecting a 6.22% NIY and a reversionary yield of 7.76%
  • Summary

    Free of Tie Public House Investment

    Description

    The property comprises a semi-detached property arranged over three levels. The building is constructed of rendered brick, with a clay tiled roof and single glazed fenestration (part sash). Externally there is a trade garden at the rear.

    Location

    The Fisherman’s Arms is located in the centre of Maidstone, which is a town approximately 34 miles (54 km) south east of London. The Fisherman’s Arms occupies a prominent roadside position fronting Lower Stone Street (A229). Nearby occupiers include mainly secondary and tertiary retailers.

    Accommodation

    Internally the pub is traditional and cosy in style with exposed beams and wood panelling. The bar is positioned to the left of the entrance with seating to the front, side and rear.

    Planning

    The property is Grade II Listed. The property does not lie within a conservation area. The property currently holds A4 ’Sui Generis’ planning use class consent. The Local Authority for the property is Maidstone Borough Council.

    Tenure

    Freehold

    Tenancy

    Commencement of Lease: 18th March 2016 Inside the L&T; Act 1954 II: Yes Current rent per annum: £20,000 Annual RPI Increase: No Stepped Increases: No Next Rent Review: 18th March 2021 Rent Review: Market Rent Lease Expires: 17th March 2026

    Covenant

    The property is let to a private individual.

    Rateable Value

    £9,350

    Energy Performance Certificate

    D-89

    Price

    £235,000, representing a Net Initial Yield of 8.30%.

    Viewing

    All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants/staff. For further information and all viewing requests please contact the sole selling agents Savills.

    LOCATION

    Location: Fisherman's Arms, 40 Lower Stone Street, Maidstone, ME15 6NA

    Maidstone West (0.4 miles)

    Maidstone East (0.5 miles)

    Maidstone Barracks (0.6 miles)

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