Description
The Grade II listed two storey detached period building is of brick construction under a mix of pitched and hipped roofs, part tiled and part slate. It is arranged over ground and first floor levels with a number of single storey extensions.

Externally the property benefits from from a large car park capable of accommodating 55 vehicles. In addition there are outdoor terrace areas to the front and rear of the property with approximately 142 covers.

The property operates under one of Greene King’s flagship brands, Chef & Brewer, which has an estate of circa 150 venues across the UK.

Tenure
The property is held freehold (Title Number BK320082).

Tenancy
The entire property is let to Spirit Pub Company (Managed) Limited (Company Number 05269240) and guaranteed by Spirit Group Parent Limited (Company Number 04872039) on a lease expiring on 23rd June 2043 at a current rent of £195,000 per annum. The rent is subject to upwards only rent review on 24th June 2028 and five yearly thereafter.

Covenant
The property is let to Spirit Pub Company (Managed) Limited and the lease is guaranteed by Spirit Group (Parent) Limited), both of which are wholly owned subsidiaries of Greene King, one of the leading pub retailers and brewers in the UK. The group operated approximately 2,572 pubs, restaurants and hotels with revenue of £2.45 billion in the 52 weeks to 29 December 2024.

Greene King was founded in 1799 with the pub company’s headquarters in Bury St Edmunds, Suffolk. In 2019, CK Asset Holdings completed the acquisition of the company for £2.7bn making this one of the largest ever corporate acquisitions in the pub sector. CKA is a Hong Kong based real estate and investment group listed on the Hong Kong Stock Exchange (Market Capitalisation c.£12 billion). The Group has a Net Asset Value of c.£41 billion.

Greene King is renowned for its range of market leading brands including Chef & Brewer, Hickory’s, Hungry Horse, Farmhouse Inns, Belhaven, Wacky Warehouse, Hightales, Flaming Grill and Greene King Inns.

Planning
The property is Grade II listed but is not situated within a Conservation Area.

VAT
The property will be sold as a TOGC and will be exempt from VAT on the basis that the purchasing entity is VAT registered.

EPC
C-56

Terms
Offers in excess of £2,150,000 which reflects a Net Initial Yield of 8.53% based upon standard purchasers costs.

Fixtures and Fittings
The fixtures and fittings are currently owned by the occupational tenant.

Viewings
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.

Money Laundering
Money Laundering Regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.

Commercial Property in Earley

Investment for sale - George, Wokingham Road, Earley, Reading, RG6 7EN