On behalf of Receivers 19.5 years unexpired with no break options Highly secure income Spirit Group (SF - 366m) Tenant acquired by Greene King Plc in

Size: px

Start display at page:

Download "On behalf of Receivers 19.5 years unexpired with no break options Highly secure income Spirit Group (SF - 366m) Tenant acquired by Greene King Plc in"

Brianne Preston
5 years ago
Views:

1 On behalf of Receivers 19.5 years unexpired with no break options Highly secure income Spirit Group (SF - 366m) Tenant acquired by Greene King Plc in July 2015 City centre location within Norwich s leisure circuit Freehold Offers in the region of 1,350,000, stc 8% net initial yield

Norwich is located approximately 177 km (110 miles) north east of Central London, 69 km (43 miles) north of Ipswich and 101 km (63 miles) north east of Cambridge.

In addition, the A140 runs north to Cromer and south to Ipswich and the A47 runs east to Great Yarmouth and west to King s Lynn.

Norwich International Airport is approximately 5 km (3 miles) to the north and Stansted airport is approximately 129 km (80 miles) to the south west.

It is the largest economy, in terms of employment, in the east of England and Great Norwich currently has a population of approximately 230,000, projected to rise to 280,000 by 2025, and a catchment

2 Norwich is located approximately 177 km (110 miles) north east of Central London, 69 km (43 miles) north of Ipswich and 101 km (63 miles) north east of Cambridge. The city benefits from good road communications and is served by the A11 which provides a direct link with Cambridge and the M11 Motorway to the south west. In addition, the A140 runs north to Cromer and south to Ipswich and the A47 runs east to Great Yarmouth and west to King s Lynn. The city is connected to the national railway network with a fastest journey time to London Liverpool Street of 1 hour 52 minutes. Norwich International Airport is approximately 5 km (3 miles) to the north and Stansted airport is approximately 129 km (80 miles) to the south west. Norwich is one of the UK s top visitor destinations with 1,500 historic buildings within its walled centre, including two Cathedrals and a Norman castle. It is the largest economy, in terms of employment, in the east of England and Great Norwich currently has a population of approximately 230,000, projected to rise to 280,000 by 2025, and a catchment population of 1 million. Over 50 companies have national or regional headquarters in the city, including Aviva, Virgin, Unilever, BBC East and ITV Anglia. (Source: Norwich City Council). Norwich is one of the UK s top 10 shopping centres and is one of the only places outside of London s Oxford Street to have four national department stores (House of Fraser, John Lewis, Marks & Spencer and Debenhams). (Source: Norwich City Council) The subject property occupies a prominent position on the western side of Prince of Wales Road close to its junction with King Street and Upper King Street. Prince of Wales Road is an established leisure circuit in Norwich City Centre where numerous restaurants, bars, pubs, takeaways and nightclubs are located as well as a Travelodge and Premier Inn Hotel. The area is also an established office location. NFU Mutual and Svenska Handelsbanken are located diagonally opposite at No. 1 Prince of Wales Road, Savills are located opposite at Hardwick House, Agricultural Hall Plain, Bidwells are located on Upper King Street and Arnold Keys at No. 2 Prince of Wales Road. In addition, the Anglia Television Studios are very close by. Norwich Station is within 0.5 km (0.33 miles) and Norwich Cathedral is within 175 metres of the property as well various other local amenities.

The property comprises a low rise part single, part two storey public house mainly on ground floor comprises a bar area, kitchens, customer

There is also a basement and a cellar plus a two bedroom flat on first floor with further ancillary accommodation.

propertyid=446#sthash.yujoyvsh.d Lower Ground Floor 131.73 sq m 1,418 sq ft Ground Floor 215.16 sq m 2,316 sq ft First Floor 88.

61 sq m 4,689 sq ft A set of floor plans is available to download and the measured survey report is available for assignment to a purchaser.

This indicates that Number 14 Prince of Wales Road is excluded from the freehold although purchasers should assess and reach their own

The floor areas referred to above are estimated based upon this information as indicated by the marked plans but are for information purposes

3 The property comprises a low rise part single, part two storey public house mainly on ground floor comprises a bar area, kitchens, customer toilet facilities and ancillary /storage accommodation. There is also a basement and a cellar plus a two bedroom flat on first floor with further ancillary accommodation. The retail accommodation has been measured by BKR Floor Plans and provides the following Gross Internal Areas; llesales.com/propertypreview.aspx?propertyid=446#sthash.yujoyvsh.d Lower Ground Floor sq m 1,418 sq ft Ground Floor sq m 2,316 sq ft First Floor sq m 955 sq ft Total sq m 4,689 sq ft A set of floor plans is available to download and the measured survey report is available for assignment to a purchaser. We draw your attention to the title and lease plans. This indicates that Number 14 Prince of Wales Road is excluded from the freehold although purchasers should assess and reach their own conclusions. The floor areas referred to above are estimated based upon this information as indicated by the marked plans but are for information purposes only. A Phase I Environmental Assessment was carried out by WSP in November 2015 concluding "the site represents a low risk with respect to potential contaminated land liability issues". A copy of the report is available to download. Freehold. The property is let to Spirit Pub Company (Trent) Limited, guaranteed by Spirit Group Parent Limited, for a term of 35 years from 5th June 2000 expiring on 4th June Therefore, there are over 19.5 years unexpired with no break options. The current passing rent is 114,233 per annum and the lease benefits from 5 yearly upward only rent reviews. The June 2015 rent review is currently outstanding.

The property has been elected for VAT therefore VAT will be payable on the purchase price. It is envisaged the sale will be treated as a Transfer of a Going Concern (TOGC).

6 million acquisition, it s largest to date, following clearance by the Competition and Markets Authority.

Greene King Chief Executive Rooney Anand reportedly commented Spirit is a transformative opportunity for Greene King.

4 The property has been elected for VAT therefore VAT will be payable on the purchase price. It is envisaged the sale will be treated as a Transfer of a Going Concern (TOGC). The property is let to entities of the Spirit Pub Company which was acquired by Greene King Plc in July 2015 in a million acquisition, it s largest to date, following clearance by the Competition and Markets Authority. The transaction has brought Greene King s total estate to approximately 3,116 pubs making it the largest managed pub group in the United Kingdom. Greene King Chief Executive Rooney Anand reportedly commented Spirit is a transformative opportunity for Greene King. It s a great platform for growth in sales, in earnings and in return to shareholders. The tenant, Spirit Pub Company (Trent) Limited (Co. No ), has reported the following figures; 23rd August th August 2013 Turnover 90,833,000 85,161,000 Pre-Tax Loss 16,475,000 8,877,000 Shareholders' Deficit 130,582, ,584,000 The guarantor, Spirit Group Parent Limited (Co. No ), has reported the following figures; 23rd August th August 2013 Pre-Tax Profits 11,983,000 10,582,000 Total Assets 944,884, ,958,000 Shareholders' Funds 365,943, ,044,000 For further information please see and

1. An opportunity to acquire a City Centre public house investment; 2. Long term secure income providing 19.5 years unexpired lease term with no break options; 3.

An opportunity to acquire secure freehold leisure investment in a popular Cathedral City which at the asking price represents an attractive net initial yield.

5 1. An opportunity to acquire a City Centre public house investment; 2. Long term secure income providing 19.5 years unexpired lease term with no break options; 3. Let to the Spirit Group Shareholders Funds 366 million; 4. Spirit Group was acquired by Greene King Plc in July 2015 in a million transaction; 5. An opportunity to acquire secure freehold leisure investment in a popular Cathedral City which at the asking price represents an attractive net initial yield. Our client is seeking offers in the region of 1,350,000, (One Million, Three Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 8.0%. This property is being marketed on behalf of Landmaster Properties Limited c/o KPMG, without personal liability and therefore no warranties or guarantees in any respect including but not limited to VAT can be given. The Administrative Receivership is not bound to accept the highest or any offer and are acting without personal liability. Singer Vielle Street Vendors Solicitor Wigmore Street DAC Beachcroft LLP, London W1U 3RF 100 Fetter Lane, London EC4A 1BN Tel: +44 (0) Neil Singer Dale Henry Richard Wolfryd SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Natalie Pecenicic Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.

5 Somerville Court, Banbury Business Park, Banbury, Oxfordshire OX17 3NS

5 Somerville Court, Banbury Business Park, Banbury, Oxfordshire OX17 3NS South East investment opportunity Established commercial location New Lease in 2015 Investment value underpinned by VP value Guide