icons_size_white icons_size
menu

Agent's details

Royal Vauxhall Tavern, 372 Kennington Lane

For sale: POA|443.55 Sq M|Pubs/Bars/Clubs, Other, Licensed & Leisure, Other Property Types & Opportunities

Property details

FOR SALEPOA
SIZE443.55 Sq M
ADDRESSRoyal Vauxhall Tavern, 372 Kennington Lane, London, SE11 5HY
TYPEPubs/Bars/Clubs, Other, Licensed & Leisure, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON30th September 2021

Description

Key Points

  • Freehold public house and cabaret venue investment
  • Legendary late night venue within the LGBT community
  • We are seeking offers in excess of £2,500,000 reflecting a net initial yield of 4.89% in October 2021 and a low capital value per square foot of £398 per square foot
  • Rent review and annually thereafter increasing the rent in line with the CPI index subject to a collar of 0% and cap of 5%.
  • Lease expiry in September 2038 giving an unexpired term of nearly 18 years
  • Current rent of £130,000 per annum
  • Let to Vauxhall Tavern London Limited a highly respected and experienced operator in the industry
  • Prime location close to the Thames and Vauxhall Underground and Mainline railway stations
  • Business unaffected by sale
  • Summary

    Substantial Freehold Public House and Cabaret venue investment for sale - business unaffected.

    Description

    The Royal Vauxhall Tavern is believed to have been built in the 1860’s and is arranged over basement, ground and two upper floor levels. The property is of brick construction with a slate tiled, multi-pitched roof.

    Location

    Located in the heart of the London District of Vauxhall, 2.7 kilometres (1.7 miles) south of Central London and 4.3 kilometres (2.7 miles) south west of The City of London. The property benefits from excellent communications with easy access to the Central London via Vauxhall Bridge and the South West via the A3 to the south. Rail services to London Waterloo are available with a journey time of approximately 10 minutes and the nearest main airport is London City, 14.5 kilometres (9 miles) to the East. The Royal Vauxhall Tavern is situated in a predominantly commercial area adjacent to Vauxhall National Rail Station on the A3204 at its junction with South Lambert Road and Harleyford Road. Occupiers nearby include Nando’s, Dirty Burger, Dexter’s Estate Agents, The Eagle, Fire nightclub, Starbucks, Foxton’s and Travelodge. The Kia Oval international cricket ground which has a capacity of over 25,000 is located within 500 metres.

    Planning

    Our enquiries of Lambeth Council have revealed that the property is Grade II listed and is located within the Vauxhall Conservation Area. The property is listed as an Asset of Community Value.

    EPC

    The property has a D-90 rating.

    Background to the Royal Vauxhall Tavern

    The Royal Vauxhall Tavern (RVT) is believed to have originally been built between 1860-1862 on a piece of land which was once part of the original Vauxhall Pleasure Gardens which adjoin the site. The venue is steeped in history and is understood to have hosted drag shows since World War II. It is one of London’s oldest and most famous gay nightspots and has, over the years, gained a legendary status in the LGBT community. The venue appeared in the films Pride (2014) and Absolutely Fabulous The Movie (2016). Since its current tenant James Lindsay took the property over in 2005 there has been significant investment into the premises and the building was given a Grade II listing in 2015. Prior to the Covid-19 lockdown the RVT operated seven nights a week with cabaret or club nights benefitting from the venues 24 hour licence. The RVT has hosted legendary club night Duckie since 1995 making it one of London’s longest running club nights. Since the re-opening of hospitality businesses in July 2020 the RVT has been operating six nights per week from Tuesday to Sunday with trading hours in accordance with the latest government guidelines. The RVT has won one numerous industry awards and accolades in recent years including the following;

    Tenure & Key Lease Terms

    Tenure The property is held freehold. Term 20 years from 1st October October 2018 Tenant Vauxhall Tavern London Limited Rent £130,000 per annum Rent Reviews Annually in line with the Consumer Prices Index subject to a collar of 0% and cap of 5% with effect from 1st October 2021. Repair The Landlord covenants to keep the structure in good repair with the Tenant responsible for the decoration of the outside and inside of the property and the repair of the internal areas, subject to a Schedule of Condition, further details of which are available on request. Security of Tenure The lease is excluded from sections 24 to 28 of The Landlord & Tenant Act 1954.

    VAT

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

    Terms

    We are instructed to invite offers in excess of £2,500,000 reflecting a net initial yield of 4.89% assuming standard purchasers costs of 6.38%. The business will continue to trade unaffected from the premises (subject to government enforced periods of closure) during the marketing of the property and post completion of the sale.

    Veiwing and Contracts

    Al 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

    marker
    Location: Royal Vauxhall Tavern, 372 Kennington Lane, London, SE11 5HY

    Vauxhall (0.2 miles)

    Oval (0.5 miles)

    Pimlico (0.5 miles)

    Vauxhall (0.2 miles)

    St James's Park (1.0 miles)

    Elephant & Castle (1.1 miles)

    close
    What do you think of our website?
    Complete our survey and
    you could win £1000
    Start here