Lease expires May 2039 (20 years unexpired - no breaks)
Annual RPI linked rent increases (minimum 2% pa and maximum 4% pa)
Prominent town centre corner location in popular coastal holiday resort and university town
Nearby national retailers include Boots the Chemist and WH Smith
Lot 42
Auction 11th July 2019
Rent £97,501 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Leisure
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
38 miles north-east of Cardigan
98 miles north-west of Cardiff
120 miles west of Birmingham
Roads
A44, A487
Rail
Aberystwyth Train Station
Air
Cardiff Airport
Situation
Aberystwyth is an attractive university market town and popular holiday resort in Ceredigion, Mid West Wales, overlooking Cardigan Bay. The town benefits from a significant influx of seasonal tourists, particularly during the summer months and is popular with students, with Aberystwyth University, Wales' oldest university, established in 1872 being home to about 10,000 students. The property is situated in a prominent town centre location, on the north side of Upper Portland Street at its junction with Terrace Road, a 5 minute walk from Aberystwyth's popular North Beach. Nearby retailers include Boots the Chemist and WH Smith, with Costa Coffee, Greggs, Pandora, Waterstones and JD Sports also represented in the town centre. The town's railway station is 300 metres to the east of the property.
Tenure
Freehold.
Location
Miles
38 miles north-east of Cardigan
98 miles north-west of Cardiff
120 miles west of Birmingham
Roads
A44, A487
Rail
Aberystwyth Train Station
Air
Cardiff Airport
Situation
Aberystwyth is an attractive university market town and popular holiday resort in Ceredigion, Mid West Wales, overlooking Cardigan Bay. The town benefits from a significant influx of seasonal tourists, particularly during the summer months and is popular with students, with Aberystwyth University, Wales' oldest university, established in 1872 being home to about 10,000 students. The property is situated in a prominent town centre location, on the north side of Upper Portland Street at its junction with Terrace Road, a 5 minute walk from Aberystwyth's popular North Beach. Nearby retailers include Boots the Chemist and WH Smith, with Costa Coffee, Greggs, Pandora, Waterstones and JD Sports also represented in the town centre. The town's railway station is 300 metres to the east of the property.
Tenure
Freehold.
Description
The property, which is Grade II listed and in a conservation area, comprises a substantial, three storey corner building arranged as a ground floor bar/restaurant and a basement with a beer store and delivery access. The first floor provides a mezzanine style trading area overlooking the ground floor and the second floor provides staff accommodation, comprising three double bedrooms, living room, kitchen, bathroom and office area.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band E. See legal pack at acuitus.co.uk
Description
The property, which is Grade II listed and in a conservation area, comprises a substantial, three storey corner building arranged as a ground floor bar/restaurant and a basement with a beer store and delivery access. The first floor provides a mezzanine style trading area overlooking the ground floor and the second floor provides staff accommodation, comprising three double bedrooms, living room, kitchen, bathroom and office area.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band E. 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/Mezzanine
Public House Cellar Public House
284.39 sq m 43.37 sq m 178.77 sq m
(3,061 sq ft) (467 sq ft) (1,924 sq ft)
STONEGATE PUB COMPANY LIMITED (1)
Approximately 34 years from 29/07/2005 until 13/05/2039 (by way of a lease extension) on a full repairing and insuring lease
£97,501
RPI-linked rent increases on 14/05/2020 and annually thereafter (collared at 2% pa and capped at 4% pa)
Second
Staff Accommodation
3 bedrooms, living room, kitchen, bathroom and office
Totals
506.49 sq m
(5,452 sq ft)
£97,501
(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).