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Agent's details

Royal Oak Hotel, The Square, LA11

For sale: £1,085,000.00|0.34 Acre|Other, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure

Property details

FOR SALE£1,085,000.00
SIZE0.34 Acre
ADDRESSRoyal Oak Hotel, The Square, Cartmel, LA11 6QB
TYPEOther, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON10th April 2024

Description

Key Points

  • Freehold public house investment
  • The entire Property is let to The Oak Cartmel Limited
  • The Property is arranged over ground and first floors with four en-suite letting rooms
  • Current rent of £80,000 per annum
  • We are instructed to invite offers in excess of £1,085,000 (7.0% NIY)
  • Lease expires August 2031
  • The rent is subject to five yearly open market rent reviews
  • Business unaffected by sale
  • Summary

    Freehold public house investment for sale let until August 2031 at a rent of £80,000 per annum

    Description

    The property comprises the ground and first floors or a two storey mid-terrace Grade II Listed building with painted rendered elevations beneath a pitched roof.

    Location

    Located in the village of Cartmel in the county of Cumbria, 2.0 miles (3.2 kilometres) northwest of Grange-over Sands and 15.0 miles (24.1 kilometres) southwest of Kendal.

    The Royal Oak is situated in the village centre upon the Main Square with the River Eea running to the rear. A popular holiday destination, close to the Lake District National Park, with nearby Cartmell racecourse.

    Accommodation

    Ground Floor: The ground floor provides trading accommodation with a variety of small customer areas over split levels around a central bar servery with seating for 60 customers. Ancillary areas include a trade kitchen, customer WC’s and beer cellar.

    First Floor: The first floor comprises four en-suite letting rooms.

    Externally: There is a beer patio to the front and large beer garden with patio to the rear.

    Royal Oak Cottage: The self-contained cottage currently used as manager’s accommodation comprising three bedrooms, lounge, kitchen and bathroom.

    Tenure

    The Property is held freehold (Title Number CU168090).

    Tenancy

    The entire Property is let to The Oak Cartmel Limited on a 10 year lease from 20 August 2021 at a current rent of £80,000 per annum which is subject to five yearly open market reviews. A rent deposit of £25,031 is held by the landlord. The lease has an option to purchase in favour of the tenant at £1,450,000 until 19th August 2026.

    Planning

    The Property is Grade II Listed and is also situated within Cartmel 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

    In the course of preparation.

    Terms

    We are instructed to invite offers in excess of £1,085,000 (7.0% 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: Royal Oak Hotel, The Square, Cartmel, LA11 6QB

    Cark (1.5 miles)

    Grange-Over-Sands (2.1 miles)

    Kents Bank (2.2 miles)

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