Black Griffin, 40 St. Peters Street, CT1

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Key Points

Summary

Freehold public house investment for sale let until January 2042 at a current rent of £94,167 per annum

Description

The property comprises the ground, basement and two upper floors of a two storey end of terrace building with brick elevations beneath a pitched and hipped roof.

Location

Located in the Cathedral City of Canterbury in the county of Kent, 14.6 miles (23.4 kilometres) north east of Ashford and 48.9 miles (78.2 kilometres) east of Royal Tunbridge Wells.

The Black Griffin is situated fronting St Peters Street, the main road running through the centre of Canterbury. Nearby occupiers include the Cricketers (Shepherd Neame), Lady Luck (Stonegate), Nando's and Five Guys alongside a number of independent retailers.

Terms

We are instructed to invite offers in excess of £1,275,000 (6.97% NIY)assuming the usual purchasers costs.

Availability_text

The accommodation comprises the following areas:

Accommodation

Ground Floor: The ground floor provides an open plan trading area with central bar servery and seating on loose tables, chairs and bench seating for 52 customers. Ancillary areas comprises customer WC's and a trade kitchen.

First Floor: The first floor comprises living accommodation with two bedrooms, kitchen, bathroom and separate WC.

Second Floor: The second floor comprises of two bedrooms .Basement: The basement provides a cellar, office and stores.

Externally: There is an enclosed customer area to the rear with seating on loose tables and chairs for 26 customers. Additional seating is provided to the front elevation for a further 18 customers by a way of a pavement licence. There is no car parking.

Tenure

The property is held freehold (Title Number K825776).

Tennancy

The entire property is let to A.B.V Bars Limited on a 20 year lease from 7 January2022 at a current rent of £94,167 per annum which is subject to five yearly open market reviews and annual RPI increases with a collar of 1% and cap of 4% (except in the open market review year). A rent deposit of £22,500 is held by the landlord.

Planning

The property is not listed however it is situated within the Canterbury 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

D - 87

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