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Agent's details

Why Not Inn, 55 The Ridgeway, B96

For sale: £590,000.00|0.85 Acre|Other, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure

Property details

FOR SALE£590,000.00
SIZE0.85 Acre
ADDRESSWhy Not Inn, 55 The Ridgeway, Astwood Bank, Redditch, B96 6LU
TYPEOther, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON10th April 2024

Description

Key Points

  • Freehold investment
  • The entire Property is let to Why Not Management Limited
  • The Property arranged over ground and first floors on a large 0.85 acre site
  • Current rent of £56,000 per annum
  • We are instructed to invite offers in excess of £590,000 (9.0% NIY)
  • Lease expires September 2028
  • The rent is subject to five yearly open market rent reviews and annual uncapped RPI increases
  • Business unaffected by sale
  • Summary

    Freehold public house investment for sale let until September 2028 at a rent of £56,000 per annum

    Description

    The Property comprises the ground and first floor of a two storey detached building with painted brick elevations set beneath a pitched roof.

    Location

    Located in the village of Astwood Bank in the district of Redditch in Worcestershire county, 4.7 miles (7.5 kilometres) south of Redditch and 16.0 miles (25.7 kilometres) east of Worcester.

    The Why Not Inn is situated fronting the Ridgeway (A441) in a rural and predominantly residential area with independent retailers from Evesham Road further into Astwood Bank village centre.

    Accommodation

    Ground Floor: The ground floor provides the customer trading area with a central bar servery and seating for 20 customers in the bar area to the front and for 40 customers in the dining area to the rear. Ancillary areas comprise customer WC's, trade kitchen and beer cellar.

    First Floor: The first floor comprises a one bedroom flat with a kitchen and bathroom.

    Externally: There is an extensive beer garden to the front, side and rear along with a marquee with seating for 200 customers. To the side and rear is a car park for 40 vehicles.

    Tenure

    The Property is held freehold (Title Number WR56341).

    Tenancy

    The entire Property is let to Why Not Management Limited on a 10 year lease from 20 September 2018 at a current rent of £56,000 per annum which is subject to a five yearly open market rent review and annual uncapped RPI increases (except in the open market review year). A rent deposit of £12,326 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-50

    Terms

    We are instructed to invite offers in excess of £590,000 (9.0% NIY) assuming the usual purchasers costs.

    Fixtures and Fittings

    The fixtures and fittings including the marquee 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: Why Not Inn, 55 The Ridgeway, Astwood Bank, Redditch, B96 6LU

    Redditch (4.2 miles)

    Wooten Wawen (6.4 miles)

    Henley-in-Arden (7.0 miles)

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