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Agent's details

Kings Arms, The Square, LA11

For sale: £725,000.00|0.07 Acre|Other, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure

Property details

FOR SALE£725,000.00
SIZE0.07 Acre
ADDRESSKings Arms, The Square, Cartmel, LA11 6QB
TYPEOther, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure
TENUREInvestment Opportunity, Under Offer, For Sale Freehold
POSTED ON20th May 2024

Description

Key Points

  • Freehold public house investment
  • The Property is arranged over ground and two upper floors with six en-suite letting rooms
  • The entire Property is let to Kings Arms (Cartmel) Limited
  • Current rent of £65,000 per annum with a stepped increase to £70,000 per annum in August 2024
  • We are instructed to invite offers in excess of £725,000 (8.5% NIY) and a reversionary yield of 9.2% from August 2024
  • Lease expires August 2041
  • 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 August 2041 at a rent of £65,000 per annum

    Description

    The Property comprises the ground and two upper floors of a three storey detached 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 Kings Arms 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.

    Availability_text

    The accommodation comprises the following areas:

    Accommodation

    Ground Floor: The ground floor provides a central bar servery, snug and dining room with seating for 60 customers. Ancillary areas includes trade kitchen to the rear with storage, customer WC’s and ground floor cellar.

    First Floor: Six en-suite letting bedrooms.

    Second Floor: Manager’s accommodation comprising kitchen, living room, two bedrooms, bathroom and office.

    Externally: There is a beer patio to the front and an outbuilding to the side which is used for storage.

    Tenure

    The Property is held freehold (Title Number CU166608).

    Tenancy

    The entire property is let to Kings Arms (Cartmel) Limited on a 20 year lease from 20 August 2021 at a current rent of £65,000 per annum which increases to £70,000 per annum from 20 August 2024. The rent 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 £17,690 is held by the landlord.

    Planning

    The property is Grade II Listed and 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

    B-49

    Terms

    We are instructed to invite offers in excess of £725,000 (8.5% NIY) and a reversionary yield of 9.2% from August 2024 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: Kings Arms, The Square, Cartmel, LA11 6QB

    Cark (1.5 miles)

    Grange-Over-Sands (2.1 miles)

    Kents Bank (2.2 miles)

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