24 November 2022: Thursday 24 November 2022 - 9:00am
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Floorplan
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    Key features

    • Of interest to investors
    • Investment let at £20,000 p.a. (20% GIY on Guide Price)
    • Current lease for 10 years expiring in 2026
    • New 10 Year Lease in process of being agreed from 2022 (see legal pack)
    • Rent will be rising to £25,000 p.a in year 5 (2027) subject to new lease
    • Current tenant has been in occupation at The Savoy for the last 7 years
    • Located on the wider Inngs Shopping Centre estate (includes Asda and Boots Pharmacy)

    Description

    The property comprises of a spacious ground floor public house with first floor accommodation. Lounge bar with casual seating, outdoor seating, entertainment and games, function room with dancing areas and toilet facilities, long with behind bar rooms, store, kitchen office, cellar and garage.

    Additional information

    Tenure

    Long Leasehold. Held for a term of 97 years from 1966 at a ground rent of £375 pa (41 years unexpired).


    Accommodation

    Please note the approximate areas have been provided by the vendor and the property has not been inspected by Savills.


    Ground

    Main Lounge plus male and female WCs; 125 sq m

    Function Room; 167sqm

    Cellar; 21sq m

    Store Room; 20sq m

    Office; 10sq m

    Kitchen 7 sq m


    First

    Living room, kitchen, bathroom and bedrooms

    Tenancy

    Let to tenant trading as Savoy Hotel Public House on a 10 year lease from 11/01/2016 expiring 10/01/2026 at a current rent of £20,000 pa. The vendor is in the process of agreeing a new 10 year lease with the tenant at £20,000 pa with a stepped increase at year 5 to £25,000 pa. Please find draft lease in the legal pack. Please note the new lease (included in the legal pack) has been agreed between the vendor and the tenant, with signatures held by solicitors, however the vendor awaits freeholder consent to complete the lease. The intention is that this will be done before completion however there are no guarantees in this regard.

    Rent

    £20,000 pa

    Notes

    Current lease £20,000 p.a. expiring in 2026, which is being renewed on a new 10 year lease from 2022 and is in the process of being signed pre auction.

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      Please arrive promptly for your viewing. To view properties you have booked a viewing for, visit the My Viewing section of your account.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      The property is located in Hull, approximately 2 miles north-east of the town centre, in a prominent location on Savoy Road. The property is situated next to Ings Shopping Centre, with retailers including Asda supermarket, Boots Pharmacy, Cooplands and Heron Foods.

      Transport

      Road: A165, A15, M180.

      Rail: Hull

      Legal documents

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      EPC rating

      The EPC rating for this property is C

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums