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The Chequers, The Broadway

For sale: £675,000.00|0.64 Acre|Pubs/Bars/Clubs, Licensed & Leisure

PROPERTY DETAILS

FOR SALE£675,000.00
SIZE0.64 Acre
ADDRESSThe Chequers, The Broadway, Lamberhurst, Tunbridge Wells, TN3 8DB
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 an attractive 15th century two storey brick built building with single glazed fenestration and a clay tiled roof. There is a single storey outbuilding which is also constructed of the aforementioned materials. Internally the pub is traditional in style with exposed beams and three open fire places. The accommodation consists of a ground floor restaurant with a saloon bar and public bar area with central bar servery. Kitchen, store and WC are located at the rear. At first floor there are 5 en-suite letting bedrooms with separate 2 bedroom flat with lounge/diner, kitchen and bathroom. At second floor there are additional staff bedrooms. At basement there is a cellar.

    Location

    The Chequers is located in the centre of Lamberhurst which is a small affluent village approximately 6 miles (10 km) from Tunbridge Wells. The Chequers occupies a prominent position on the primary road through the village. The immediate surrounding area is predominantly detached residential housing and a small provision of local amenities including Lamberhurst Chapel and Lamberhurst St Mary’s C of E V C Primary School.

    Planning

    The property is Grade II listed. The property lies within the Lamberhurst Conservation Area. The property currently holds ‘Sui Generis’ Planning use class consent. The Local Authority for the property is Kent County Council.

    Tenure

    Freehold

    Tenancy

    Commencement of Lease: 15th January 2020 Inside the L&T; Act 1954 II: Yes Current rent per annum: £30,000pa Annual RPI Increase: No Stepped Increases Yes – Y2 £35kpa; Y3 £40kpa; Y4 £45kpa; Y5 £50kpa Next Rent Review: 15th January 2025 Rent Review: Market Rent Lease Expires: 14th January 2030 Break Clause: No

    Covenant

    The property is let to Innspirit.

    Rateable Value

    £17,100

    Energy Performance Certificate

    D-97

    Price

    £675,000, representing a Net Initial Yield of 4.40%

    Viewings

    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: The Chequers, The Broadway, Lamberhurst, Tunbridge Wells, TN3 8DB

    Wadhurst (3.9 miles)

    Frant (4.2 miles)

    Paddock Wood (5.6 miles)

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