Description
The property comprises an attractive five-storey building arranged over basement, ground, first, second and third floors. The elevations are of brick with painted and rendered finishes, beneath a flat roof, and are complemented by a mix of glazed fenestration. The public house element is arranged over basement and ground floor level, with 3 residential flats (not included) above.

Accommodation
Basement:
The basement includes male and female toilets, a kitchen with a dumbwaiter serving the ground floor, beer storage, an office, and additional storage space.

Ground Floor:
The ground floor comprises a large open-plan trade area with a central U-shaped bar servery offering multiple serving sides. Seating is arranged throughout the main trading space and includes a disabled toilet close by. To the rear is a conservatory, leading to the external trading area which provides approximately 82 covers, most of which are covered and benefit from outdoor heating. Internally, there are 67 covers in total. In addition, there is seating at the front of the property for around 16 covers under a pavement licence.

Premises Licence
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:

- Sunday to Wednesday : 10:00 - 23:30
- Thursday to Saturday : 10:00 - 00:30

Planning
The site falls within the sui generis pub use class. It is not listed and lies outside any prohibitive flood risk zones, but is situated within the Primrose Hill Conservation Area.

The local authority overseeing the site is Camden Council, and further information can be found on their website: www.camden.gov.uk

Tenure
The property is held freehold (Title Number NGL192596).

EPC
The EPC will be provided to interested parties upon request.

Rateable Value
2023 Rateable Value - £63,000.

Tenancy
Freehold. The property is let to The Northern Union Pub Company Limited on a 25-year FRI lease commencing 1 November 2023 and expiring 29 October 2048, with a tenant break option on 27 August 2032. The passing rent is £128,266 per annum, subject to five-yearly CPI-linked rent reviews with a collar of 1% and a cap of 5%.

In addition to the above there are ground rents on the 3 flats above the public house totalling an income of £1,500pa.

Covenant
The Northern Union Pub Company Ltd. https://northernunionpubs.co.uk/ currently runs 5 pubs across north London which include the following:-

- The Winchester, Highgate
- The Haverstock Tavern, Belsize Park
- The Albert, Primrose Hill
- The Crown, Highgate
- The Old White Bear, Hampstead

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.

Guide Price
We are instructed to seek offers in the region of £2,475,000 (Two Million Four Hundred Seventy Five Thousand Pounds) subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 4.93% after allowing for the usual purchaser’s costs.

VAT
The investment will be sold as a TOGC and will therefore be exempt from paying VAT.

Viewing
For a formal viewing strictly by appointment with 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 Primrose Hill

Asking price £18,000,000

Investment for sale - The Albert, 11 Princess Road, Primrose Hill, Camden Town, NW1 8JR