George Payne, 18 Payne Avenue, Hove, BN3 5HB

Property Details: • Type: 4,879 sq ft • Tenure: N/A • Floor Area: N/A

Key Features: • Freehold public house investment • Entire property let to Z & S (Hove) Limited • Property arranged over ground, basement and first floors • Current rent of £66,698 per annum • We are instructed to invite offers in excess of £975,000 (6.5% NIY) • Lease expires March 2042 • The rent is subject to five yearly open market rent reviews and annual uncapped RPI • Business unaffected by sale

Location: • Nearest Station: Aldrington Station • Distance to Station: 0.2 miles

Agent Information: • Address: Savills, Mountbatten House,1 Grosvenor Square Southampton SO15 2BZ

Full Description: DescriptionThe property comprises the ground, basement and first floor of a two storey end of terrace building and painted rendered elevations beneath a pitched and hipped roof.LocationLocated in the seaside town of Hove on the south coast, 3.3 miles (5.3 kilometres) west of Brighton, 27.0 miles (43.2 kilometres) west of Eastbourne and 36.1 miles (57.8 kilometres) south of Tunbridge Wells. The George Payne is situated at the intersection of Payne Avenue and Kendal Road in a residential area which is a short distance from Portland Road where there are a number of independent retailers, pubs and restaurants.AccommodationGround Floor: The ground floor provides an L-shaped trade area with central bar servery and seating for 100 customers. Ancillary areas includes customers WCs, trade kitchen and staff WC to the rear. Basement: Cellar with office and stores. First Floor: The first floor comprises staff accommodation with 5 bedrooms, kitchen, WC's and shower room. Externally: There is an external decking trade area at the front for 40 customers with a rear trade garden and covered huts.TenureThe property is held freehold (Title Number SX133256).TenancyThe entire property was let to Z & S (Hove) Limited on a 20 year lease from 27 March 2022 at a current rent of £66,698 per annum which is subject to five yearly open market reviews and annual uncapped RPI (except in the open market review year). A rent deposit of £16,406 is held by the landlord.PlanningThe property is not listed or situated within a conservation area.VATIt is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT on the basis the purchasing entity is VAT registered.EPCC - 55TermsWe are instructed to invite offers in excess of £975,000 (6.5% NIY) assuming the usual purchasers costs.Fixtures and FittingsThe fixtures and fittings are currently owned by the occupational tenant.Money LaunderingMoney Laundering Regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.ViewingsAll viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.For further information and all viewing requests please contact the sole selling agents Savills.Similar Investment OpportunitiesIf you have an ongoing requirement for similar investment opportunities then please visit the following website for a selection of properties we are currently marketing: