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Agent's details

Red House, 1 Wolverton Road, MK16

For sale: £915,000.00|0.72 Acre|Other, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure

Property details

FOR SALE£915,000.00
SIZE0.72 Acre
ADDRESSRed House, 1 Wolverton Road, Newport Pagnell, MK16 8BG
TYPEOther, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON12th April 2024

Description

Key Points

  • Freehold public house investment
  • Entire property let to Home of the Roast Limited
  • The property is arranged over ground and first floors and is situated on a large 0.7 acres site
  • We are instructed to invite offers in excess of £915,000 (7.9% NIY)
  • Current rent of £75,937 per annum
  • Lease expires October 2045
  • The rent is subject to five yearly open market rent reviews and annual RPI increases subject to a collar of 2% and cap of 4%
  • Business unaffected by sale
  • Summary

    Freehold public house investment for sale let until October 2045 at a rent of £75,937 per annum

    Description

    The property comprises the ground and first floor of a two storey detached building with rendered and painted brick elevations beneath a multi pitched tile roof.

    Location

    Located in the town of Newport Pagnell in Buckinghamshire, 12.5 miles (20.1 kilometres) south of Northampton and 12.3 miles (19.8 kilometres) west of Bedford.

    The Red House is situated fronting Wolverhampton Road in a predominantly residential area which is a short distance west of the centre of Newport Pagnell.

    Accommodation

    Ground Floor: The ground floor provides four main trading areas with bar servery to the front and seating on loose tables, chairs and bench seating for 121 customers. Ancillary areas include a trade kitchen and stores to the rear and customer WC’s to the front.

    First Floor: The first floor provides managers accommodation comprising four bedrooms, kitchen and bathroom.

    Externally: There is a lawned area and separate enclosed customer patio to the rear with seating on loose tables and chairs for 200 customers. Additional seating is provided to the front elevation for a further 24 customers. Parking to the side for 19 vehicles.

    Tenure

    The property is held freehold (Title Number BM194376).

    Tenancy

    The entire property is let to Home of the Roast Limited on a 25 year lease from 21 October 2020 at a current rent of £75,931 per annum which is subject to five yearly open market reviews and annual RPI increases with a collar of 2% and cap of 4%. A rent deposit of £17,976 is held by the landlord.

    Planning

    The property is not listed or situated within a conservation area.

    VAT

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

    EPC

    B-40.

    Terms

    We are instructed to invite offers in excess of £915,000 (7.9% NIY) assuming the usual purchasers costs.

    Fixtures and Fittings

    The fixtures and fittings are currently owned by the occupational tenant.

    Money Laundering

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

    Location

    marker
    Location: Red House, 1 Wolverton Road, Newport Pagnell, MK16 8BG

    Wolverton (2.9 miles)

    Milton Keynes Central (3.6 miles)

    Woburn Sands (5.6 miles)

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