The Whitehills Waldridge Road Chester-le-Street County Durham DH2 3AB

The Whitehills
Waldridge Road
Chester-le-Street
County Durham
DH2 3AB

Freehold Public House Investment

Let to Stonegate Pub Company Limited until 2040 (no breaks)
5 yearly rent reviews linked to the Retail Price Index
Prominent position fronting the busy Waldridge Road
Substantial site with large car park and outside seating to the front and rear
Tenant planning significant investment in 2016
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
4
Auction
21st May 2015
Rent
£51,420 per Annum Exclusive
Status
Sold
Price
£605,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Public House Investment

Let to Stonegate Pub Company Limited until 2040 (no breaks)
5 yearly rent reviews linked to the Retail Price Index
Prominent position fronting the busy Waldridge Road
Substantial site with large car park and outside seating to the front and rear
Tenant planning significant investment in 2016
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 4
Auction 21st May 2015
Rent £51,420 per Annum Exclusive
Status Sold
Price £605,000
Sector
Leisure
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 7 miles north of Durham; 10 miles south-west of Sunderland; 12 miles south of Newcastle-upon-Tyne
Roads: A167, A1(M) (Junction 63)
Rail: Chester-le-Street Railway Station
Air: Newcastle International Airport

Situation

The property is prominently situated in a predominantly residential area at the corner of the busy Waldridge Road and Waldridge Lane. Waldridge Road is approximately 1.5 miles from Chester-le-Street town centre.

Tenure

Freehold.

Location

Miles: 7 miles north of Durham; 10 miles south-west of Sunderland; 12 miles south of Newcastle-upon-Tyne
Roads: A167, A1(M) (Junction 63)
Rail: Chester-le-Street Railway Station
Air: Newcastle International Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor public house with basement cellar and a three bedroom flat on the first floor. The property is situated on a substantial site of approximately 0.712 acres (0.288 hectares) including a large car park for some 41 cars, and outside seating to the front and rear.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Reviews
Basement Ground First	Cellar Public House Residential – 3 bed flat	57.58 sq m 466.44 sq m 101.08 sq m	(620 sq ft) (5,021 sq ft) (1,088 sq ft)	STONEGATE PUB COMPANY LIMITED (1)	25 years from completion until 2040 on a full repairing and insuring lease (2)	£51,420	2020 and five yearly (3)
Totals		625.10 sq m	(6,729 sq ft)			£51,420

(1) For the year ending 28th September 2014, Stonegate Pub Company Limited reported a turnover of £557,699,000 and a net worth of £99,379,000. (Source: Stonegate Pub Company Limited Annual report and financial statements) For the full accounts please refer to the legal pack. Stonegate Pub Company Limited began trading in 2010 following the acquisition of 333 Mitchells & Butlers pubs. In 2011, Stonegate merged with Town & City Pub Company Limited adding a further 230 UK pubs to its estate including the Yates’s and Slug & Lettuce brands. The company is the UK’s largest privately held managed pub operator with approximately 620 pubs and bars. Stonegate is owned by investment funds managed by TDR Capital LLP. (Source: www.tdrcapital.com)
(2)The tenant is currently occupying under the terms of an existing lease which will be extended until 2040 by virtue of a reversionary lease upon completion of the sale providing an unbroken unexpired term of 25 years.
(3)The rent reviews are linked to the Retail Price Index subject to uplifts comprising a minimum of 1% and a maximum of 4% per annum compounded.