9-21 Silver Street Halifax

Transcription

1 Yates 9-1 Silver Street Halifax West Yorkshire HX1 1HS Freehold public house investment for sale which is currently let to Company, the UK s largest privately owned managed pub operator Licensed Leisure

2 Investment Summary + + Freehold public house investment + + Let to Company Limited + + Lease without break expiring August Passing rent 1, per annum + + Five yearly open market reviews with an outstanding rent review from August Business unaffected by sale + + Accommodation arranged over basement, ground and two upper floors + + Offers in excess of 1,,000 (7.% NIY) are invited for the benefit of our clients freehold interest Yates 19-1 Silver Street, Halifax, West Yorkshire, HX1 1HS

3 CHARLES STREET Location ORA NGE ST REET R OU NDAB OUT CHARLESTOWN ROAD Located in the Metropolitan Borough of Calderdale in West Yorkshire, Halifax is the largest town within the borough and has a strong industrial heritage. The town has one of the most complete Victorian townscapes within Britain and attracts tourists looking to explore the local attractions including Shibden Hall & Estate, the Piece Hall, Eureka Museum and Halifax Minster. Halifax also hosted a stage of the Tour de Yorkshire in 0. BURDOCK WAY PELLON LANE ORANGE STREET Broad Street Plaza NORTHGATE WINDING ROAD The Yates occupies a prominent position fronting Silver Street in the heart of the towns leisure location. Nearby occupiers include the Brasserie at the Bull, KFC, Bar Rouge, Nationwide, HSBC and William Hill. BROAD STREET Woolshops Shopping Centre SMITHY STREET Halifax Minster DESCRIPTION The property comprises a large detached period three storey building dating from 193 with stone and brick elevations beneath a flat roof. The property comprises customer trading area, beer cellar, trade kitchen and storage areas arranged over basement, ground and two uppers floors. HALL STREET LISTER LANE COW GREEN Yates Victoria Theatre FOUNTAIN STREET Halifax Borough Market Calderdale Industrial Museum Piece Hall SQUARE ROAD CHUR CH STREET Halifax CHURCH STREET Eureka Museum Yates 19-1 Silver Street, Halifax, West Yorkshire, HX1 1HS

4 1 33 to Hind's Chambers ACCOMMODATION Ground floor The ground floor comprises an open plan customer trading area with modern bar servery, seating on a variety of loose tables, chairs and fixed booth seating for 10 customers, a DJ booth and games area. Male, female and disabled toilets are also provided at this level. First floor The first floor comprises a commercial kitchen, storage areas, staff room and managers office. PELLON LANE Lister Court Swine Market Ebenezer Methodist Church Subway m JOHN STREET 3 WATERHOUSE STREET 3 Posts Lorgat GILL'S CROWN STREET 31 to 19 to 8 COURT Second floor The second floor is largely redundant and used for storage having historically been used as a trading area. Basement The basement comprises storage, plant room and beer cellar. The property has the following approximate gross internal areas: Sloping masonry Car Park COW GREEN CENTRAL STREET BLACK SWAN The Corners () SILVER STREET 19 1 to 1 BLACK SWAN m House Venture 1 to 9 3 to 7 to a UPPER GEORGE YARD 0 to Rising Bollards 3 PASSAGE 19 Level Description Sq M Sq Ft Ground Trading 31. 3,31 Basement Ancillary 9.3 1,930 LISTER LANE 1.m 7 8 GINNELL Janjua Chambers TCBs GEORGE SQUARE PC COMMERCIAL STREET 0 OLD First Ancillary. 1,99 Second Ancillary. 1,99 Depot TCBs Shelters GEORGE STREET 3 1 Head Post Offi Total 8.3 9, a 9 7 Posts Planning Our initial enquiries of the local authority have revealed that the property is within the Halifax Town Centre Conservation Area, however it is not listed. BULL GREEN 1 10 BARUM TOP TCB 0 1 RAWSON STREET 1.9m NOTE - Car Published Park for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the The permission Barum Top of the Controller of H.M. Stationery Office Crown copyright licence number Savills (L&P) Limited. 0m 10m 0m 30m BACK COMMERCIAL ST 9 9a to 7 Shelter 8 30 Shelters Bull Green House Ordnance Survey Crown Copyright 0. All rights reserved. Licence number Plotted Scale - 1:10 1 Multistorey Car Park Yates 19-1 Silver Street, Halifax, West Yorkshire, HX1 1HS

5 EPC E-101 Tenure and Tenancy The property is held freehold. The entire property is let on a 3 year lease to Company Limited (Company Number FC09833) expiring 8 August 03 at a current rent of 1, per annum subject to five yearly upwards only rent reviews, with an outstanding rent review from 9 August 0. Covenant Company Limited is the largest privately owned managed pub company in the United Kingdom currently operating over 90 pubs and bars and generating a revenue of over million. Stonegate are backed by private equity firm TDR Capital and were established in 010 through the acquisition of 333 pubs from Mitchells and Butlers for 373 million. Since then the company has grown its estate to more than 90 sites through strategic acquisitions including Town & City Pub Company in 011, Living Room and Bramwell Pub Company in 0, Maclays Inns in 01 and more recently Tattershall Castle Group, Intertain (Walkabout), Sports Bar & Grill and assets from JD Wetherspoon. The company is renowned for its Yates and Slug & Lettuce brands however they operate six other formats including Classic Inns, Proper Pubs, Town Pub & Kitchen, Venues, Walkabout and Common Room. Company has published the following financial information: Year End /09/01 7/09/01 Turnover,1,000 1,3,000 Adjusted Ebitda 9,000,000 78,00,000 Net Assets 81,1,000 99,71,000 Yates 19-1 Silver Street, Halifax, West Yorkshire, HX1 1HS

6 The Market The UK leisure investment market has remained extremely buoyant throughout 0 with investor appetite at an all-time high. Demand for public house investments has been driven by the strong occupational market, long leases, low interest rates and the lack of quality investment stock. Investor demand for regional public house assets remain incredibly strong particularly for buildings which are let to strong covenants on long leases. The strength of demand has led to investment yields sharpening in recent years as can be seen from the schedule of comparable leisure transactions below: Comparable Transactions Property Tenant Price Yield (NIY) Date Block and Gasket, Manchester Slug & Lettuce, Bristol Mixed Portfolio Chesters, Sunderland Yates, Rochdale Slug & Lettuce Company Limited Company Company Company Barley Pub Company (guaranteed by Company) 81,000.3% Mar-,,000.0% Sep- 3,000,000.0% Jun- 1,81, % Feb- 1,080, % Feb- Yates 19-1 Silver Street, Halifax, West Yorkshire, HX1 1HS

7 VAT It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT. Terms We are instructed to invite offers in excess of 1,,000 (7.% NIY) assuming purchasers costs of.1%. The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale. viewing and Contacts All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff. For further information and all viewing requests please contact the sole selling agents Savills. Paul Breen + (0) pbreen@savills.com Stuart Stares + (0) sstares@savills.com Peter Scholes + (0) pscholes@savills.com Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office Crown copyright licence number 1000 Savills (L&P) Limited. Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. April 0