Let to Slug & Lettuce Company Limited (guaranteed by Stonegate Pub Company Limited)
Lease expires in 2039 (no breaks)
Annual RPI linked rental increases, subject to a minimum of 2% and a maximum of 4%
Rent rises to a minimum of £47,700 in May 2018
Town centre location opposite the Town Hall and close to the Square Shopping Centre
Lot 31
Auction 28th March 2018
Rent £46,765 per Annum Exclusive
Status Sold
Price £815,000
Sector Public House
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of an Investment Trust
Property Information
Location
Miles
5 miles south-west of Manchester
Roads
A56, M60 (Junction 7), M6, M56, M62
Rail
Sale Metrolink Station
Air
Manchester Airport
Situation
Sale is a prosperous commuter town situated 5 miles south-west of Manchester City Centre, supported by the M60 Motorway and Manchester Metrolink. The property is situated in the heart of the town centre, close to The Square Shopping Centre and Sale Railway Station, in a prominent corner position at the junction of School Road and Springfield Road. Nearby occupiers include Boots, Holland & Barrett, Vodafone, Caffè Nero, Argos and branches of NatWest, Santander and Lloyds banks.
Tenure
Freehold.
Location
Miles
5 miles south-west of Manchester
Roads
A56, M60 (Junction 7), M6, M56, M62
Rail
Sale Metrolink Station
Air
Manchester Airport
Situation
Sale is a prosperous commuter town situated 5 miles south-west of Manchester City Centre, supported by the M60 Motorway and Manchester Metrolink. The property is situated in the heart of the town centre, close to The Square Shopping Centre and Sale Railway Station, in a prominent corner position at the junction of School Road and Springfield Road. Nearby occupiers include Boots, Holland & Barrett, Vodafone, Caffè Nero, Argos and branches of NatWest, Santander and Lloyds banks.
Tenure
Freehold.
Description
The property comprises a public house arranged over ground, lower ground and first floors. The ground floor comprises the main customer trading area, with the lower ground floor providing customer toilets, kitchen and cellar. The first floor comprises staff and ancillary accommodation.
VAT
VAT is 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 public house arranged over ground, lower ground and first floors. The ground floor comprises the main customer trading area, with the lower ground floor providing customer toilets, kitchen and cellar. The first floor comprises staff and ancillary accommodation.
VAT
VAT is 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
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Lower Ground First
Public House/Ancillary Ancillary Ancillary
258.91 sq m
184.87 sq m 111.02 sq m
(2,787 sq ft)
(1,990 sq ft) (1,195 sq ft)
SLUG & LETTUCE COMPANY LIMITED guaranteed by Stonegate Pub Company Limited (1)
Approx 35 years from 15/12/2004 until 21/05/2039 on a full repairing and insuring lease (2)
£46,765
22/05/2018 Annual rental increases linked to RPI (3)
Total
554.80 sq m
(5,972 sq ft)
£46,765
(1) Stonegate Pub Company is the 4th largest managed pub company in the UK, operating 700 pubs across the country. Brands include Slug & Lettuce, Yates, Classic Inns and Walkabout. Stonegate is owned by investment funds managed by TDR Capital LLP (Source: www.tdrcapital.com). Stonegate reported a turnover of approximately £642,000,000 and net assets of £81,122,000 for the year ending 25th September 2016 (Source: Experian Group 26/02/2018). (2) The tenant occupies the property under a lease for a term of 25 years from 15th December 2004. The parties have signed a reversionary lease extending the term from 25th December 2029 until 21st May 2039. (3) The annual rent reviews are linked to the Retail Price Index (RPI), subject to a minimum of 2% and a maximum of 4%. The rent will therefore increase to a minimum of £47,700 p.a.x. and a maximum of £48,636 p.a.x. on 22/05/2018.
