Hour Glass Inn, 21 Melbourne Street, EX2

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Key Points

Summary

Freehold public house investment for sale let until November 2041 at a rent of £67,442 per annum

Description

The property comprises the ground, lower ground, first and second floors of an end of terrace building with painted rendered elevations beneath a pitched roof.

Location

Located in the Cathedral City of Exeter in the county of Devon, 46.3 miles (74.1 kilometres) north of Plymouth and 80.2 miles (128.3 kilometres) south of Bristol and.

The Hour Glass Inn is situated at the intersection between Melbourne Street and Colleton Row in a residential area, a short distance uphill from Exeter Quayside which has a range of licensed operations such as On The Waterfront, Samuel Jones and the Prospect.

Availability_text

The accommodation comprises the following areas:

Lower Ground Floor: The lower ground floor provides a trade kitchen, cellar and bar/dining area for 40 customers.

Ground Floor: The ground floor provides an open plan trading area with a central bar servery and seating for 24 customers. Ancillary areas include customer WC's.

First Floor: The first floor of the main building comprises a domestic kitchen and two storage rooms. The separate flat off the side street consists of a ground floor room with a first floor bedroom and open plan kitchen/dining room.

Second Floor: The second floor of the main building provides three bedrooms, store and bathroom.

Virtual Tour

Please see the link below to access the virtual tour for the Pub:
https://vt.ehouse.co.uk/xkmGYP1poPf
Please see the link below to access the virtual tour for the separate flat:
https://vt.ehouse.co.uk/13Wd3KbmbVW

Tenure

The property is held freehold (Title Number DN320624).

Tenancy

The entire property is let to EB Hospitality Limited on a 20 year lease from 22 November 2021 at a current rent of £67,442 per annum which is subject to 5 yearly open market rent reviews and uncapped annual RPI increases (except in the open market review year). A rent deposit of £15,045 is held by the landlord.

Planning

The property is Grade II Listed and is situated within Southernhay and The Friars 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

E - 122

Terms

We are instructed to invite offers in excess of £815,000 (7.85% 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 prospective 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.

Similar Investment Opportunities

If you have an ongoing requirement for similar investment opportunities then please visit the following website for a selection of properties we are currently marketing: https://sites.savills.com/stonegateportfolio