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Agent's details

London Cocktail Club, 37 Triangle West, BS8

For sale: £695,000.00|0.03 Acre|Pubs/Bars/Clubs, Other, Licensed & Leisure, Other Property Types & Opportunities

Property details

FOR SALE£695,000.00
SIZE0.03 Acre
ADDRESSLondon Cocktail Club, 37 Triangle West, Bristol, BS8 1ER
TYPEPubs/Bars/Clubs, Other, Licensed & Leisure, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON11th April 2024

Description

Key Points

  • Freehold public house investment
  • Entire property let to The London Cocktail Club Limited who are ultimately owned by Nightcap Plc
  • Current rent of £45,000 per annum increasing to £47,500 per annum in February 2026 and £50,000 per annum in February 2027
  • We are instructed to invite offers in excess of £695,000 (6.2% NIY) and a reversionary yield of 6.5% in 2026 and 6.8% in 2027
  • Property arranged over ground, basement and two upper floors
  • Lease expires February 2049
  • The rent is subject to five yearly open market rent reviews
  • Business unaffected by sale
  • Summary

    Freehold public house investment for sale let until February 2049 at a rent of £45,000 per annum

    Description

    The property comprises the ground, basement and two upper floors of a three storey end of terrace building with painted rendered elevations beneath a pitched and hipped roof.

    Location

    Located in the suburb of Clifton in the city of Bristol, 1.0 miles (1.6 kilometres) west of the City centre, 14.1 miles (22.6 kilometres) west of Bath and 42.8 miles (68.5 kilometres) south of Cheltenham.

    The Cocktail Club is situated fronting Triangle West (A4108) in a mixed use area with nearby operators including Be at One, Wagamama, Five Guys and COSMO.

    Ground Floor: The ground floor provides a central bar servery with seating for 31 customers and disabled WC to the rear.

    Basement: Cellar and stores.

    First floor: The first floors provides a private function room and customers WC's.

    Second Floor: The second floor provides the managers accommodation which comprises a kitchen/dining room and bathroom."

    Tenure

    The property is held freehold (Title Number AV224589).

    Tenancy

    The entire property is let to The London Cocktail Club Limited on a 25 year lease from 14 February 2024 at a current rent of £45,000 per annum, with stepped increases to £47,500 per annum from 14 February 2026 and £50,000 per annum from 14 February 2027 which is also subject to five yearly open market reviews thereafter. A rent deposit of £22,500 is held by the landlord.

    Nightcap PLC https://nightcapplc.com operates 46 venues across England and Wales across their brands of Adventure Bar Group, The Cocktail Club, Barrio Familiar and Dirty Martini. For the 52 weeks to 2 July 2023, The group posted revenue of £46.4m from 47 venues an increase from £31.0m the previous year when the group operated 31 venues.

    Planning

    The property is located within Park Street and Brandon Hill Conservation Area, however, the property is not listed.

    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

    D - 98

    Terms

    We are instructed to invite offers in excess of £695,000 (6.2% NIY) and a reversionary yield of 6.5% in 2026 and 6.8% in 2027 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 purchasers. Prospective purchasers will need to provide proof of identity and residence.

    Location

    marker
    Location: London Cocktail Club, 37 Triangle West, Bristol, BS8 1ER

    Clifton Down (0.6 miles)

    Redland (0.9 miles)

    Montpelier (1.1 miles)

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