Entirely let to Spirit Pub Company (Managed) Limited – ultimately owned by Greene King Plc
Lease expires in 2067 (approximately 50 years unexpired) – no breaks
Rent reviewed to the Retail Price Index (RPI)
Approximate site area of 1.06 acres
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 65
Auction 25th May 2017
Rent £25,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector Public House
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
13 miles north east of Glasgow
Roads
M80
Rail
Cumbernauld and Greenfaulds Railway Stations (35 minutes to Glasgow Queen Street)
Air
Glasgow International Airport
Situation
Cumbernauld is a New Town located in North Lanarkshire. The town has a population of approximately 50,000 people and is a popular commuter town with fast train links to Glasgow. The property is located to the east of Cumbernauld town centre in the residential suburb of Abronhill.
Tenure
Heritable. (Scottish equivalent of English freehold).
Location
Miles
13 miles north east of Glasgow
Roads
M80
Rail
Cumbernauld and Greenfaulds Railway Stations (35 minutes to Glasgow Queen Street)
Air
Glasgow International Airport
Situation
Cumbernauld is a New Town located in North Lanarkshire. The town has a population of approximately 50,000 people and is a popular commuter town with fast train links to Glasgow. The property is located to the east of Cumbernauld town centre in the residential suburb of Abronhill.
Tenure
Heritable. (Scottish equivalent of English freehold).
Description
The property comprises a site totalling 0.43 hectares (1.06 acres) upon which is built a ground floor public house, accessed from Redwood Road.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a site totalling 0.43 hectares (1.06 acres) upon which is built a ground floor public house, accessed from Redwood Road.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Site Area
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground
Public House
0.43 Hectares (1.07 Acres
SPIRIT PUB COMPANY (MANAGED) LIMITED (1)
99 years from 28/08/1968
£25,000
11/11/2028 & 11/11/2048 (2) (27/08/2067)
Total
£25,000
(1) Spirit Pub Company (Managed) Limited is ultimately owned by Greene King Plc. For the year ending 1st May 2016, Spirit Pub Company (Managed) Limited reported a turnover of £420,156,000, pre-tax profits of £3,205,000 and a total net worth of £40,979,000 (Source: Experian Group 02/05/2017). (2) The rent is reviewed to the Retail Price Index (RPI). On this basis the current rent would increase to in excess of £30,000 p.a.x.
