88-89 St John's Street, Bury St Edmunds

£ 1,000,000
Tenure
Freehold
Description
  • Investment Sale or Vacant Possession can be Agreed
  • NIY of 5.54% rising to 7.33%
  • 4,630 sq ft NIA across Four Floors
  • Prime Town Centre Location
  • 100 Covers on Ground Floor
  • Prior Approval for Conversion of Upper Floors to Residential
  • Significant Potential to Increase Trade
  • Late License
Property

Ground floor consists of large open plan bar with extensive servery to the right hand side. To the rear is further seating area and view into the working trade kitchen, whihc is fully equipped. Area can accommodate 100 covers. Ladies and Gents WC to the rear. Ground floor cellar (with Heineken Smart Dispense) and dry store areas. Emergency access to the rear of the building. The trade area was refurbished in 2019. First and second floors are self contained offices, with separate street level entrance, as well as access to the basement. Offices are currently vacant and have been granted prior approval for 2 residential dwellings.


Measurements

Ground Floor - 2,592 sq ft, First Floor - 711 sq ft, Second Floor - 653 sq ft, Basement - 674 sq ft

Planning

The property is not listed but is situated within a Conservation Area. The property has prior approval for conversion of the upper parts for 2 dwellings under application number DC/20/0972/P3OPA. Purchasers are advised to make their own enquiries  in represent of the planning history of the property

Tenure

Seeking offers in excess of £1,000,000 plus VAT, subject to existing tenancies. A purchase at the asking price, would, based on the current income, reflect a net initial yield after purchasers costs of 5.54% rising to 7.33% if fully let at the ERV.

The ground floor is held on a lease expiring on the 12/11/30 and was assigned to the current tenants Anglian Taverns Ltd on 10/5/19 at a current rent of £59,160 per annum, subject to 5 yearly rent reviews. The first and second floors are currently vacant but have an ERV of £19,000 pax

Anglian Taverns Ltd would be willing to surrender the existing lease at an agreed price (to include fixtures and fiitings) to enable vacant possession.

The Business

Anglian Taverns Ltd began trading in 2019 and during a short space of time managed to refurbish the ground floor and secure a notable local and visiting trade. The impact of Covid has taken a slight toll on the business, however they have bounced back, taking on average £8,500 net per week on a 60/40 food led split. Therefore there is plenty of scope for an experienced operator to increase trade to full potential, which historically proved to be £10,000 plus per week. www.tavernbse.co.uk

Rates & Charges

Rateable Value as of April 2017- Ground Floor - £84,000, 1st & 2nd Floors - £9,700, Basement - £1,525

Country
England
County
Suffolk
Town
Bury St Edmunds
Address
88-89 St Johns Street
Post Code
IP33 1SQ
EPC
E (117)
Under Offer
No
Reference Number
RF219605
  • 224 Views
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