Home > Auctions > February 2023 07 February 2023 - 9:00am > Lot 141

February 2023: Tuesday 07 February 2023 - 9:00am
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    Key features

    • To be offered at a later auction
    • Entire Property Investment let at £80,000 p.a.
    • Let on a new 15 year lease from 2022
    • 5 yearly rent review with minimum uplift to £85,000 p.a. at 1st rent review in 2027
    • Prominent, period pub situated within attractive and high-value residential area.
    • A dwelling space is located top floor (kitchen, living room and bedroom)
    • Future development potential to convert the upper floors in residential dwellings (subject to access, existing lease and the requisite consents)
    • Ground floor has been recently modernised - New photos to follow
    • Total GIA an approx. 355 sq m (3,772 sq ft)
    • Enclosed rear Patio area
    • 3 month completion

    Description

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    An imposing three storey property with a curved frontage built over part basement, beneath a parapet wall. The pub benefits from good levels of natural daylight and good floor to ceiling heights throughout. There is an enclosed rear patio with bench seating for 16 people.

    The property benefits from a Premises Licence permitting the sale of alcohol from 10:00am until 11:00pm Monday to Saturday and from noon until 10:30pm on Sunday.

    We have been advised that the new tenant has modernised the ground floor premise (The internal photos being used are old photos apart from the photos labelled 'New Photos')

    Additional information

    Tenure

    Freehold.

    Accommodation

    Basement - Cold beer store and ancillary storage areas.

    Ground Floor - Open plan trading area decorated in a traditional style, fitted with a single bar servery and a set of customer WC’s.

    First Floor - Function room, trade kitchen, mechanical hoist, domestic bathroom with separate WC.

    Second Floor - Two rooms and a domestic kitchen


    We have been advised that the property has the following approximate gross internal floor areas:-


    Basement - Approx. 87 sq m (936 sq ft)

    Ground Floor - Approx. 105 sq m (1,130 sq ft)

    First Floor - Approx. 85 sq m (915 sq ft)

    Second Floor - Approx. 75 sq m (807 sq ft)


    Total Area - Approx. 355 sq m (3,772 sq ft)


    Tenancy

    The Baring

    • Entire property let to T&S Taverns
    • let on a 15 year lease 09/02/2022 (Reversion 28/02/2037
    • Investment let at £80,000 p.a.
    • 5 yearly rent reviews
    • Minimum uplift to £85,000 p.a. in first rent review in 2027


    The business has received strong reviews in both The Times and The Guardian. 


    Planning

    From enquiry of the London Borough of Islington, the property is not listed by English Heritage as being of Special Architectural or Historical Interest, but it does lie within the Arlington Square Conservation Area.


    Subject to obtaining vacant possession, access, and the requisite consents/planning permission the property may have residential conversion prospects.

    In terms of residential values locally, our online research via Rightmove shows:

    No. 57 Baring Street sold in April 2022 for £1,000,000 reflecting a capital value of £1,076 per sq ft.

    No. 58 Baring Street sold in November 2021 for £1,100,000 reflecting a capital value of £1,145 per sq ft.


    Rent

    £80,000 p.a.

    Notes

    Joint Auctioneer

    Panayiotis Themistocli

    panayiotis.themistocli@agg.uk.com

    M: 07973 856 232


    Please note the site areas provided are approximate. The photos and yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard.


    Please note that the tenant is carrying out improvement works on the upper floors and the photos might not reflect the current condition of the upper floors.

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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.

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        Local information

        The pub lies within an area administered by the London Borough of Islington near its border with the Borough of Hackney approximately 2.5 kilometres (1.5 miles) north of the City of London (Bank Station).

        The building fronts Baring Street at its junction of Wilton Square.

        The Regents Canal and New North Road (A1200) lie circa 150 metres to the south west.

        The surrounding area comprises predominantly low-rise, attractive period Victorian terraced houses of high value and good quality.

        Transport

        National Rail - Essex Road (Great Northern)

        Overground - Haggerston

        Underground - Angel (Northern)

        Legal documents

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        EPC rating

        The EPC rating for this property is D

        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.

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

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        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.

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