Retail for sale - The Vestry, 21-23 Southgate, Chichester, PO19 1ES

<strong>Description</strong><br>The Property is a mid-terrace, two storey building and converted from a former Waitrose Store. The ground floor comprises a 120 cover pub<br /> restaurant with ancillary areas and the first floor comprises of 11 en-suite letting bedrooms. In addition to this is a 2 bedroom manager's flat.<br /> The site extends to approximately 0.14 acres (0.057 ha).<br><br><strong>Situation</strong><br>The property is prominently located to the southern end of the Southgate, where there is an agglomeration of similar A3 operators, including<br /> Wildwood, Zizzi’s, Subway, The Fountain (Hall & Woodhouse) and a number of popular independent operators. The property benefits from the<br /> high footfall generated by the significant retail provision, and the relatively small size of Chichester allows this retail core to capture the large majority of the town’s shoppers.<br><br><strong>Accommodation</strong><br>The accommodation is arranged over ground and first floor with access from both front and rear. We detail the breakdown of accommodation below.<br><br><strong>Planning</strong><br>The property is not listed, but is situated in a conservation area. The current use class consent is ‘Sui Generis’ class.<br><br><strong>EPC</strong><br>The property benefits from an Energy Performance Certificate and will be provided to interested parties upon request.<br><br><strong>Rating</strong><br>The property has a 2023 Rateable Value of £75,000.<br><br><strong>Tenure</strong><br>The property is held long leasehold with approximately 972 years unexpired term at a peppercorn.<br><br><strong>Tenancy</strong><br>The property is subject to a 35 year underlease from June 2000, expiring in 2035. The current rent passing is £125,000pa. The tenant Eldridge Pope & Co were acquired by Marstons Plc in 2007 and we understand they have sublet their interest to The Sussex Pub Group on co-terminus terms. A copy of the underlease and sub-lease are available upon request and subject to status.<br><br><strong>Covenant</strong><br>Marston’s Plc (Company Number 00031461) are one of the largest pub companies in the United Kingdom with 1,468 sites and around 12,000 employees. The estate is well diversified with 81% Managed Houses (of which 1,057 are community focused sites) and 19% are Leased & Tenanted with a property valuation of £2.1 billion (FY 2022).<br /> <br /> The business reported total revenue of £799.6 million, profit before tax of £163.4 million (FY 2022) and a Dun & Bradstreet risk rating of 5A2.<br><br><strong>Guide Price</strong><br>Our client is seeking offers in the order of £1,550,000 for the long leasehold interest. A purchase at this level reflects a NIY of 7.60%.<br><br><strong>VAT</strong><br>The property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC and therefore VAT will be waivered.<br><br><strong>Viewing</strong><br>Formal viewings can be made strictly by appointment with Savills. Where appropriate, we recommend interested parties carry out a discreet customer inspection in the first instance. We kindly request that no approaches are made to staff or the business directly.<br><br><strong>Anti-Money Laundering Regulations</strong><br>Regulations require Savills to conduct various checks on purchasers and tenants. Further details are available upon request.<br><br>