Entirely let to Barley Pub Company Limited with guarantee from Stonegate Pub Company Limited
Lease expires in May 2039 (20 years unexpired - no breaks)
Annual RPI linked reviews (minimum 2% pa and maximum 4% pa)
Situated close to Newcastle University Campus (24,000 students) and Newcastle United Football Club
Opposite Marks & Spencer and very close to Intu Eldon Square Shopping Centre with retailers including John Lewis, Fenwick, Waitrose and Nando’s
Lot 40
Auction 11th July 2019
Rent £130,925 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Leisure
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
18 miles north of Durham
59 miles east of Carlisle
275 miles north-east of London
Roads
A1, A167, A692, A1 (M), A194 (M)
Rail
Newcastle Train Station (London King's Cross - 3 hours)
Air
Newcastle International Airport
Situation
Newcastle-upon-Tyne is the capital of the North East (population 293,000) and serves a wide catchment area. Newcastle is served by an excellent road and railway network, as well as Newcastle Airport, about 5 miles north of the City Centre. The property is located in a conservation area in a prominent position on the west side of Percy Street in the heart of the City Centre, opposite Marks & Spencer and Haymarket Bus Station. Intu Eldon Square Shopping Centre is a short walk away with national retailers including John Lewis, Fenwick, Waitrose and Superdrug. To the west of the property, within a few minutes walk is St James' Park, home of Newcastle United Football Club. Newcastle University Campus is also located close by (24,000 students) and Morden Street public car park is located at the rear of the property.
Tenure
Freehold.
Location
Miles
18 miles north of Durham
59 miles east of Carlisle
275 miles north-east of London
Roads
A1, A167, A692, A1 (M), A194 (M)
Rail
Newcastle Train Station (London King's Cross - 3 hours)
Air
Newcastle International Airport
Situation
Newcastle-upon-Tyne is the capital of the North East (population 293,000) and serves a wide catchment area. Newcastle is served by an excellent road and railway network, as well as Newcastle Airport, about 5 miles north of the City Centre. The property is located in a conservation area in a prominent position on the west side of Percy Street in the heart of the City Centre, opposite Marks & Spencer and Haymarket Bus Station. Intu Eldon Square Shopping Centre is a short walk away with national retailers including John Lewis, Fenwick, Waitrose and Superdrug. To the west of the property, within a few minutes walk is St James' Park, home of Newcastle United Football Club. Newcastle University Campus is also located close by (24,000 students) and Morden Street public car park is located at the rear of the property.
Tenure
Freehold.
Description
The property comprises a four storey building with the main bar and seating area on ground floor and a pool room to the rear. The first floor comprises a function room with a bar and customer WC, while the second/third floors comprise the manager’s accommodation of two bedrooms, a large lounge, kitchen, utility room and bathroom/WC. There is a beer garden to the rear of the property. The pub remains ever popular on matchdays, being located only a few minutes’ walk from Newcastle United’s football ground.
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 a four storey building with the main bar and seating area on ground floor and a pool room to the rear. The first floor comprises a function room with a bar and customer WC, while the second/third floors comprise the manager’s accommodation of two bedrooms, a large lounge, kitchen, utility room and bathroom/WC. There is a beer garden to the rear of the property. The pub remains ever popular on matchdays, being located only a few minutes’ walk from Newcastle United’s football ground.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D. See legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Gross Internal Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Basement First (Front) First/Second (Rear) Second/Third
Public House Cellar Public House Ancillary Staff Maisonette
141.20 sq m 67.40 sq m 123.00 sq m 10.70 sq m Not Measured
BARLEY PUB COMPANY LIMITED with a guarantee from STONEGATE PUB COMPANY LIMITED (1)
Approximately 35 years from 15/12/2004 until 21/05/2039 (by way of lease extension) on a full repairing and insuring lease
£130,925
RPI linked rent increases in May 2020 and annually thereafter (collared at 2% pa and capped at 4% pa)
Totals
342.30 sq m
(3,685 sq ft)
£130,925
(1) For the year ending 24th September 2017, Barley Pub Company Limited reported a turnover of £61,309,000, a pre-tax profit of £945,000 and a total net worth of £1,055,000 (Source: Experian Group 05/06/2019). (2) 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).
