Meze Mangal & Adjoining Retail Unit, 77-81 High Road, WD23

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Key Points

Summary

Freehold public house & retail investment for sale let until March 2043 and November 2033 respectively with a combined rent of £67,338 pa

Description

The property comprises the ground and first floor of a two storey semi-detached building with painted rendered elevations beneath a pitched roof.

Location

Located in the town of Bushey in the county of Hertfordshire, 3.7 miles (5.9 kilometres) south east of Watford and 15.9 miles (25.4 kilometres) north west of central London.

The Meze Mangal is situated fronting High Road (A4140) in a mixed residential and commercial area. Nearby occupiers include Esso Petrol Station, Tesco Express, Harvester (Mitchells & Butlers) and a number of independent retailers.

Availability_text

The accommodation comprises the following areas:

Accommodation

Pub Ground Floor: The ground floor provides an open plan trading area with a central bar servery and seating on loose tables, chairs and bench seating for 70 customers. Ancillary areas include a trade kitchen, customer WC's and stores to the rear.

Pub First Floor: The first floor comprises the office, kitchen, living room, bathroom and three double bedrooms.

Retail Unit: The ground floor comprises an open plan unit with stores and kitchen to the rear. Additional storage and an office is at first floor.

Pub Externally: There is an enclosed customer area to the rear with seating on loose tables and chairs for 60 customers. There is parking to the rear for 10 vehicles.

Tenure

The property is held freehold (Title Number HD338732).

Tenancy

The entire pub is let to a private individual on a 20 year lease from 2 March 2023 at a current rent of £54,338 per annum which is subject to five yearly open market reviews and annual uncapped RPI increase (except in the open market review year). A rent deposit of £12,969 is held by the landlord.

The entire retail unit is let to two private individuals on a 10 year lease from 1 December 2023 at a current rent of £13,000 per annum which is subject to a rent review in year five. There is a mutual break option on 3 November 2025 upon providing not less than 3 months' notice.

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-70

Terms

We are instructed to invite offers in excess of £880,000 (7.25% 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