Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
2 miles north of Sunderland city centre
13 miles north-east of Durnham
14 miles south-east of Newcastle
Roads
B1291, A1018, A1(M)
Rail
Sunderland Railway Station
Air
Newcastle International Airport
Situation
The property is situated at the busy crossroads of Fulwell Road, Sea Road, Dene Lane and Station Road (B1291) leading to the Newcastle Road (A1018). A Sainsbury’s Superstore lies adjacent to the property while other nearby occupiers include Vets 4 Pets and Subway.
Tenure
Freehold.
Location
2 miles north of Sunderland city centre
13 miles north-east of Durnham
14 miles south-east of Newcastle
Roads
B1291, A1018, A1(M)
Rail
Sunderland Railway Station
Air
Newcastle International Airport
Situation
The property is situated at the busy crossroads of Fulwell Road, Sea Road, Dene Lane and Station Road (B1291) leading to the Newcastle Road (A1018). A Sainsbury’s Superstore lies adjacent to the property while other nearby occupiers include Vets 4 Pets and Subway.
Tenure
Freehold.
Description
The property comprises a ground floor public house with basement cellar and a function room and four bedroom manager’s flat on the first floor. In addition, there is a self-contained retail unit fronting Fulwell Road which is currently occupied by a sub-tenant. The entire property occupies a substantial site of approximately 0.286 hectares (0.707 acres) including a large car park to the
rear.
Six Week Completion
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
The property comprises a ground floor public house with basement cellar and a function room and four bedroom manager’s flat on the first floor. In addition, there is a self-contained retail unit fronting Fulwell Road which is currently occupied by a sub-tenant. The entire property occupies a substantial site of approximately 0.286 hectares (0.707 acres) including a large car park to the
rear.
Six Week Completion
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.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews
Basement Ground First
Ground
Cellar Public House Function Room Residential – 4 bed flat Retail
177.94 sq m 599.55 sq m 169.38 sq m 132.43 sq m 68.24 sq m
25 years from completion until 2040 on a full repairing and insuring lease (2)
£92,451
2020 and five yearly (3)
Totals
1,147.54 sq m
(12,351 sq ft)
£92,451
(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.
NB. The adjacent Sainsbury’s also use the car park for customer parking and has a sub lease over 15 car parking spaces.
