Slug & Lettuce, 23-26 High Street, PO30

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Key Points

Summary

High street leisure or retail opportunity

Description

The property comprises a detached former cinema that we understand dates back to the 1920’s, before conversion to provide a ground floor public house/ bar and ancillary accommodation on the first floor. The bar was extensively refurbished in 2018 to provide the tenants up to date ‘Slug & Lettuce’ format.

The property has a gross frontage of approximately 22.82m (75 ft) to the High Street with two private alleyways giving access to the rear of the
property. The building is constructed with brick or rendered elevations, with a front and rear portion under a felt roof while the main section is under a pitched roof.

The majority of the upper floors have been sold off on a long leasehold basis and are being used as a church.

Location

The property is prominently located to the eastern end of the High Street, where there is an agglomeration of similar A3 operators, including Hogs
Head Pub, Pasha Grill, Subway, Pizza Express and a number of popular independent operators. The property benefits from the high footfall
generated by the significant retail provision, and the relatively small size of Newport allows this retail core to capture the large majority of the town’s shoppers.

A number of edge of town retail warehouses including Morrisons, Matalan, Marks & Spencer and Cineworld Cinema, also draw people to the town and improve the towns parking provision.

Availability_text

The accommodation comprises the following areas:

Demographics

As of 2015, Isle of Wight has an estimated population of 140,000 (Isle of Wight Council), with the average age of the island standing at 44. More
specifically, Newport itself is estimated to have a population approximately 25,500.

However, even more impressive is that according to ‘Visit Isle of Wight’ data, the yearly number of visitors to the island stands at 2.36 million.
This doesn’t include those arriving by private yacht or boat which is approximately a supplementary 300,000 people.

EPC

The property benefits from an Energy Performance Rating of D-100.

Tenure

The property is held Freehold (Title Number: IW13699).

The majority of the upper floors have been sold on a long leaseh old basis for a period of 999 years at a peppercorn rent.

Money Laundering

Regulations require Savills to conduct various checks on purchasers and tenants. Further details are available upon request.

VAT

The property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC.

The Opportunity

The opportunity exists to take a new 8 year (approx) sub-lease of the whole unit at a rent to be agreed.

There is also an opportunity to purchase the freehold interest subject to vacant possession being provided.

Guide Price/Guide Rent

Premium and rental offers are invited for a new sub-lease. Offers are also invited for the freehold with vacant possession.

Viewings

Formal viewings can be made strictly by appointment with Savills. Where appropriate, we recommend interested parties carry out a discreet customer inspection in the first instance. We kindly request that no approaches are made to staff or the business directly.