Let to Enterprise Inns plc until 2046 (subject to option)
Prominent corner position
500 metres from the South Bank of the River Thames and London Eye
1.5 miles from City of London
Next to Waterloo International Railway Station
5 yearly rent reviews
Lot 13
Auction 22nd February 2011
Rent £60,000 per Annum Exclusive
Status Sold
Price £915,000
Sector Leisure
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On behalf of Enterprise Inns plc
Property Information
Location
Miles
1.5 miles south of City of London
500 metres from the South Bank/River Thames and London Eye
Roads
A23, A3, A202, A2, A215
Rail
Lambeth North Tube (Bakerloo Line), Waterloo Overground/Tube (Northern, Bakerloo and Jubilee lines)
Air
City Airport
Situation
The property occupies a prominent corner position on the north side of Westminster Bridge Road (A23) at the junction with Lower Marsh. The South Bank/River Thames, with major tourist attractions including the iconic London Eye, is some 500 metres to the west. Waterloo International Railway Station, a major transport hub, is immediately to the north of the property.
Tenure
Freehold.
Location
Miles
1.5 miles south of City of London
500 metres from the South Bank/River Thames and London Eye
Roads
A23, A3, A202, A2, A215
Rail
Lambeth North Tube (Bakerloo Line), Waterloo Overground/Tube (Northern, Bakerloo and Jubilee lines)
Air
City Airport
Situation
The property occupies a prominent corner position on the north side of Westminster Bridge Road (A23) at the junction with Lower Marsh. The South Bank/River Thames, with major tourist attractions including the iconic London Eye, is some 500 metres to the west. Waterloo International Railway Station, a major transport hub, is immediately to the north of the property.
Tenure
Freehold.
Description
The property comprises a PUBLIC HOUSE on the ground and first floor and RESIDENTIAL ACCOMMODATION on second, third and fourth floors. There is ANCILLARY ACCOMMODATION in the basement.
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 PUBLIC HOUSE on the ground and first floor and RESIDENTIAL ACCOMMODATION on second, third and fourth floors. There is ANCILLARY ACCOMMODATION in the basement.
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 Second Third Fourth
Ancillary Public House Public House Residential Residential Residential
70.00 sq m 70.00 sq m 70.00 sq m 49.00 sq m 49.00 sq m 49.00 sq m
35 years from completion until 2046 on a full repairing and insuring lease (2)(3)
£60,000
2016 and 5 yearly
Totals
357.00 sq m
(3,831 sq ft)
£60,000
(1) Enterprise Inns plc is one of the UK’s leading operators of leased and tenanted pubs, with over 6,800 outlets. For the year ended 30th September 2010, Enterprise Inns plc reported a turnover of £753,000,000, EBITDA of £405,000,000, a pre-tax profit before exceptional items of £175,000,000 and net assets of £1,407,000,000. (Source: Company Website Year End Report) (2) The lease provides for a tenant’s option to determine the lease on the 25th anniversary of the term on giving at least six months’ written notice. (3) The property has been sub-let on a tied lease to Mr T Stevens.
