Freehold Long Let Bar/Restaurant Investment in Historic Tourist/University City Centre
Entirely let to Stonegate Pub Company Limited
Lease expires July 2030 (no breaks)
Approximately 819.90 sq m (8,830 sq ft) plus two flats on the second floor
Prominent city centre location
Nearby occupiers include Betty's Tea Room, Pizza Express, Costa Coffee, McDonald's,
ASK Italian, Carluccio's, Jaeger, Pandora and Crabtree & Evelyn
Lot 28
Auction 11th July 2019
Rent £152,553 per Annum Exclusive
Status Sold
Price £2,500,000
Sector Leisure
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
24 miles north-east of Leeds
57 miles north-east of Sheffield
Roads
A1 (M), A19, A59, A64
Rail
York Station (King's Cross - 1 hr 50 mins)
Air
Leeds Bradford Airport
Situation
York is an historic cathedral city with a population of about 200,000 and two established universities. The city serves as a popular tourist destination, with attractions such as York Minster, The National Railway Museum and the Jorvik Museum attracting many thousands of visitors every year. The property is prominently located in a conservation area on the south side of Lendal, a short walk from the River Ouse in the heart of the city centre, and benefits from being less than 100 metres from the Yorkshire Museum and the Museum Gardens. Lendal is effectively a continuation of Coney Street, the prime shopping street in York. Nearby occupiers include Betty's Tea Room, Pizza Express, Costa Coffee, McDonald's, Carluccio's, ASK Italian, Jaeger, Pandora and Crabtree & Evelyn.
Tenure
Freehold.
Location
Miles
24 miles north-east of Leeds
57 miles north-east of Sheffield
Roads
A1 (M), A19, A59, A64
Rail
York Station (King's Cross - 1 hr 50 mins)
Air
Leeds Bradford Airport
Situation
York is an historic cathedral city with a population of about 200,000 and two established universities. The city serves as a popular tourist destination, with attractions such as York Minster, The National Railway Museum and the Jorvik Museum attracting many thousands of visitors every year. The property is prominently located in a conservation area on the south side of Lendal, a short walk from the River Ouse in the heart of the city centre, and benefits from being less than 100 metres from the Yorkshire Museum and the Museum Gardens. Lendal is effectively a continuation of Coney Street, the prime shopping street in York. Nearby occupiers include Betty's Tea Room, Pizza Express, Costa Coffee, McDonald's, Carluccio's, ASK Italian, Jaeger, Pandora and Crabtree & Evelyn.
Tenure
Freehold.
Description
The property comprises two adjoining listed buildings which interconnect on all levels and are arranged on lower ground, ground and two upper floors on the main front elevation with two and three storey additions to the rear. The main bar and restaurant area are at ground floor level. There is also a recently renovated customer seating area, dining area, bar, lounge and customer WCs at lower ground floor. The first floor comprises a function room, ancillary and storage accommodation and management office. The second floor consists of staff living accommodation, whilst the third floor attic is not currently in use. The property has a rear paved courtyard garden offering external seating (70 covers) and a small enclosed staff car park accessed via a service road.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D. See legal pack at acuitus.co.uk
Description
The property comprises two adjoining listed buildings which interconnect on all levels and are arranged on lower ground, ground and two upper floors on the main front elevation with two and three storey additions to the rear. The main bar and restaurant area are at ground floor level. There is also a recently renovated customer seating area, dining area, bar, lounge and customer WCs at lower ground floor. The first floor comprises a function room, ancillary and storage accommodation and management office. The second floor consists of staff living accommodation, whilst the third floor attic is not currently in use. The property has a rear paved courtyard garden offering external seating (70 covers) and a small enclosed staff car park accessed via a service road.
290.10 sq m 316.00 sq m 213.80 sq m Not Measured Not Measured
(3,130 sq ft) (3,400 sq ft) (2,300 sq ft)
STONEGATE PUB COMPANY LIMITED (1)
25 years from 29/07/2005 until 28/07/2030 on a full repairing and insuring lease
£152,553
23/12/2021 and 5 yearly thereafter
Totals
819.90 sq m
(8,830 sq ft)
£152,553
(1) Stonegate Pub Company is the 4th largest managed pub company in the UK, operating 770 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).
