Mill, 62 High Street

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Key Points

Summary

Attractive riverside public house investment for sale let to Mitchells & Butlers with an estate of over 1,700 pubs across the United Kingdom

Description

The Property occupies a prominent mid-terrace building with accommodation arranged over ground and first floors with exposed and painted brick
elevations beneath a multi-pitched roof.

Location

Kingston upon Thames is an affluent riverside London suburb which is considered as one of the largest retail centres in the U.K. and is home to Kingston University. Transport communications are excellent with the A3 being easily accessible and Kingston train station providing regular services into London Waterloo in a journey time of approximately 30 minutes.

The Mill occupies an attractive riverside location fronting the River Thames, with surrounding occupiers including Nando’s, Pizza Express, The Ram pub (Greene King), Wagamama and Giggling Squid. Kingston town centre benefits from further occupiers including John Lewis, Marks & Spencer, Waitrose and Tesco.

Tenure

The Property is held on three separate titles with Savills instructed to market 62 High Street which is held under freehold title SGL474375 and extends to approximately 1/3 of the total property as highlighted in red on the promap in the brochure. Mitchells & Butlers Retail Limited own the freehold interest in 60 & 58 High Street which are held under title numbers SY75313 and SY286542 as highlighted in blue on the promap in the brochure and are excluded from any sale process.

Planning

The Property is not listed but it is situated within Kingston Old Town Conservation Area.

EPC

C-62

Tenancy

62 High Street is let on a 35 year lease to Mitchells & Butlers Retail Limited expiring on 1 May 2032 at a current rent of £59,500 per annum which is subject to five yearly open market rent reviews with the next review in May 2024.

VAT

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

Terms

We are instructed to invite offers in excess of £1,250,000 (4.5% NIY) assuming the usual purchasers costs for 62 High Street.

The business will continue to trade unaffected from the premises during the marketing of the property.

Money Laundering

Money Laundering Regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.

Viewing and Contacts

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.