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Agent's details

George Payne, 18 Payne Avenue, BN3

For sale: £975,000.00|0.11 Acre|Other, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure

Property details

FOR SALE£975,000.00
SIZE0.11 Acre
ADDRESSGeorge Payne, 18 Payne Avenue, Hove, BN3 5HB
TYPEOther, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON30th April 2024

Description

Key Points

  • Freehold public house investment
  • Entire property let to Z & S (Hove) Limited
  • Property arranged over ground, basement and first floors
  • Current rent of £66,698 per annum
  • We are instructed to invite offers in excess of £975,000 (6.5% NIY)
  • Lease expires March 2042
  • The rent is subject to five yearly open market rent reviews and annual uncapped RPI
  • Business unaffected by sale
  • Summary

    Freehold public house investment for sale let until March 2042 at a rent of £66,698 per annum

    Description

    The property comprises the ground, basement and first floor of a two storey end of terrace building and painted rendered elevations beneath a pitched and hipped roof.

    Location

    Located in the seaside town of Hove on the south coast, 3.3 miles (5.3 kilometres) west of Brighton, 27.0 miles (43.2 kilometres) west of Eastbourne and 36.1 miles (57.8 kilometres) south of Tunbridge Wells.

    The George Payne is situated at the intersection of Payne Avenue and Kendal Road in a residential area which is a short distance from Portland Road where there are a number of independent retailers, pubs and restaurants.

    Availability_text

    The accommodation comprises the following areas:

    Accommodation

    Ground Floor: The ground floor provides an L-shaped trade area with central bar servery and seating for 100 customers. Ancillary areas includes customers WCs, trade kitchen and staff WC to the rear.

    Basement: Cellar with office and stores.

    First Floor: The first floor comprises staff accommodation with 5 bedrooms, kitchen, WC's and shower room.

    Externally: There is an external decking trade area at the front for 40 customers with a rear trade garden and covered huts.

    Tenure

    The property is held freehold (Title Number SX133256).

    Tenancy

    The entire property was let to Z & S (Hove) Limited on a 20 year lease from 27 March 2022 at a current rent of £66,698 per annum which is subject to five yearly open market reviews and annual uncapped RPI (except in the open market review year). A rent deposit of £16,406 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

    C - 55

    Terms

    We are instructed to invite offers in excess of £975,000 (6.5% 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 purchasers. Prospective purchasers will need to provide proof of identity and residence.

    Viewings

    All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.

    For further information and all viewing requests please contact the sole selling agents Savills.

    Location

    marker
    Location: George Payne, 18 Payne Avenue, Hove, BN3 5HB

    Aldrington (0.3 miles)

    Hove (0.7 miles)

    Portslade (0.8 miles)

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