Property Description
<strong>Description</strong><br>The property comprises an attractive four-storey building arranged over basement, ground, first, second and third floors. The elevations are of brick beneath a multiple pitched and flat roof, and are complemented by a mix of glazed fenestration.<br />
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The public house is arranged over ground and basement and was subject to a comprehensive refurbishment throughout in 2022 by the tenant. The 11 residential flats above are not included in the sale.<br><br><strong>Accommodation</strong><br>Basement:<br />
The basement provides male and female toilets, beer storage, an office, additional cellar/storage space and a commercial kitchen that is currently under construction. <br />
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Ground Floor:<br />
The ground floor comprises a traditional open-plan trading area arranged around a central bar servery. Seating is a mix of fixed and loose tables and chairs, providing approximately 117 covers in total. To the front of the property, The a pavement licence allows for a further 15 covers.<br><br><strong>Premises Licence</strong><br>The property has the benefit of a Premises Licence in accordance with the Licensing Act 2003 the premises are permitted to sell alcohol at the following times: <br />
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Sunday to Wednesday: 08:00 - 00:00<br />
Thursday to Saturday: 08:00 - 01:30<br><br><strong>Planning</strong><br>The site falls within the sui generis pub use class. It is not listed, lies outside any prohibitive flood risk zones, and is not situated within a Conservation Area.<br />
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The local authority overseeing the site is Haringey Council, and further information can be found on their website: www.haringey.gov.uk<br><br><strong>Tenure</strong><br>The property is held freehold (Title Number MX201592).<br><br><strong>EPC</strong><br>The EPC has been commissioned and will be provided to interested parties upon request.<br><br><strong>Rateable Value</strong><br>2023 - £11,000.<br><br><strong>Tenancy</strong><br>Freehold. The property is let to The Winchester Public House Limited on a 20-year FRI lease commencing 8 April 2022 and expiring 8 April 2042. The passing rent is £75,000 per annum, subject to five-yearly open market rent reviews.<br />
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In addition to the above there are ground rents on the 11 flats above the public house, totalling an income of £5,500pa.<br><br><strong>Covenant</strong><br>The Northern Union Pub Company Ltd. https://northernunionpubs.co.uk/ currently runs 5 pubs across north London which include the following:-<br />
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- The Winchester, Highgate<br />
- The Haverstock Tavern, Belsize Park <br />
- The Albert, Primrose Hill<br />
- The Crown, Highgate<br />
- The Old White Bear, Hampstead<br />
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The tenant can therefore be considered a decent small multiple with some excellently located pubs in north London, whom we understand is seeking to double in size over the next five years.<br><br><strong>Guide Price</strong><br>We are instructed to seek offers in the region of £1,500,000 (One Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 5.06% after allowing for the usual purchaser’s costs.<br><br><strong>VAT</strong><br>The investment will be sold as a TOGC and will therefore be exempt from paying VAT.<br><br><strong>Viewing</strong><br>For a formal viewing strictly by appointment with Savills.<br><br><strong>Money Laundering</strong><br>Money Laundering Regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.<br><br>