Village, 129 Islingword Road, BN2

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Key Points

Summary

FREE OF TIE, COMMUNITY PUB & KITCHEN . LEASE & BUSINESS FOR SALE- NEW 10/15 YEAR LEASE AVAILABLE -NET RENT AFTER HMO INCOME £1,000 PAX

Description

Comprising a free of tie public house on the ground floor with kitchen & storage in the basement. There is 80 covers internally with a further 20 externally on a decking area. In addition to the commercial element there is a 6 room HMO situated on the upper floors accessed from the rear which produces an income of £4500 per calendar month(£54,000 pa) thus making the net rent on the building £1,000 per annum. The property benefits from both alcohol licences for both o & off sales as well as for the performance music & performance of dance.

Location

The property is located on the corner of Islingword Road & Coleman Street in the densely populated Hanover area to the east of Brighton City centre. Brighton racecourse is a few minutes walk to the east whilst Brighton Station, The seafront & the city centre are all within walking distance.

Terms

Offers are invited in the region of £99,950 for the lease, goodwill & fixtures & fittings. We are advised that the landlord will offer a potential tenant a new full repairing & insuring lease for a term of 10/15 years at a rent of £55,000 per annum payable quarterly in advance(AFTER FACTORING THE HMO INCOME THIS LEAVES A NET RENTAL COST OF £1000 PER ANNUM EXCLUSIVE) . The pub currently trades mon-sun 8.30-11pm & midnight on Friday & Saturday. The current turnover is in the order of £10,000 per week not including the income from the HMO or the income from the kitchen franchise which we understand to be an additional £30,000 per annum.

Availability_text

The accommodation comprises the following areas:

AML

Interested parties will be required to provide passport/ driving licence & proof of address to proceed. Where a company shareholders that have an interest of 25% or more will also be required to.