16-17 North Street Guildford • Gu1 4Af

All BAr oNe

“Long Leasehold public house and retail investment for sale let to Mitchells and Butlers with an estate of over 1,700 pubs across the United Kingdom”

Licensed Leisure www.savills.co.uk/licensedleisure

iNveStmeNt SummAry

+ Long leasehold public house and retail investment with an unexpired term of 120 years at a rent of £1.50 per annum

+ Prime location in the centre of Guildford

+ Let to Mitchells and Butlers Retail (No.2) Limited which has a 5A1 D&B Rating

+ Mitchells and Butlers have recently completed a share issue to raise £350m

+ Current rent of £185,000 per annum

+ Lease expiry May 2033

+ Five yearly open market rent reviews with the 2018 review outstanding

+ We are seeking offers in excess of £2.8m (6.21% NIY)

+ Business not affected

All BAr oNe 16-17 North Street, Guildford Gu1 4Af

50 metres

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Guildford

Experian Goad Plan Created: 07/01/2020Created By: Savills

Copyright and confidentiality Experian, 2019. © Crown copyright anddatabase rights 2019. OS 100019885

All BAr oNe 16-17 North Street, Guildford Gu1 4Af

locAtioN

Guildford is an affluent riverside town located in the Surrey Hills approximately 30 miles south west of London. Road and rail communications are excellent. The A3, M3 and M25 motorways all being easily accessible and the town is popular with commuters with frequent train services between Guildford and London Waterloo with an average journey time of 35 minutes.

All Bar One and the Guildford Cobblers are located in the heart of the town centre within proximity to the Friary Centre where occupiers nearby include Hollister, Urban Outfitters, River Island, Zara and Superdry. Other major occupiers nearby include House of Fraser, Marks & Spencer, Pret a Manger, Barclays and Decathlon.

Guildford has its own cathedral and is the home of the University of Surrey which is home to nearly 17,000 students as well as the G Live arts and entertainment venue.

deScriPtioN

The property comprises the ground, basement and two upper floors of a three storey terraced building with exposed brick elevations beneath a pitched and hipped roof.

AccommodAtioN

GrouNd floor - BArThe ground floor trading area is fitted as a modern bar with a central bar servery and a variety of loose tables, chairs and bench seating for approximately 100 customers. Ancillary accommodation comprises a theatre style open plan kitchen to the rear.

GrouNd floor – retAilThe ground floor comprises an open plan retail unit and a separate toilet to the rear.

BASemeNtAncillary accommodation for All Bar One comprises a prep kitchen with dumbwaiter, beer cellar, staff changing rooms and a number of storage rooms.

uPPer floorSTo the rear of the first floor is an additional trading area with a separate bar servery and seating on loose tables, chairs and bench seating for approximately 50 customers. Ancillary accommodation comprises ladies and gentlemen’s toilet facilities, separate staff toilet and boiler room.

To the front of the first floor are two self-contained apartments with a separate access directly from North Street. Both apartments comprise a bedroom, kitchen and bathroom.

The managers accommodation is situated at second floor and comprises a living room, two bathrooms, kitchen and double bedroom.

All BAr oNe 16-17 North Street, Guildford Gu1 4Af

Basement Ground Floor

First Floor

NB. Plans not to scale

Store

Store

Store

Store

Store Store

Store Store

Kitchen

Store

Freezer

Cellar

Store

Office

116-118 Westminster Buildings, Walsgrave Road,Coventry, CV2 4ED 024 76 233144

Dwg No - WZ026459

Presentation Scale 1:100 @A3

Basement

FLOOR PLANAll Bar One16-17 North StreetGuildfordGU1 4AF

GIA 195.96 sqm (2,109.30 sqft)

WC

WC

Trade Area

Bath

Kitchen

Lounge

Bedroom

Kitchen

Shower

WC

Plant

116-118 Westminster Buildings, Walsgrave Road,Coventry, CV2 4ED 024 76 233144

Dwg No - WZ026459

Presentation Scale 1:100 @A3

First Floor

FLOOR PLANAll Bar One16-17 North StreetGuildfordGU1 4AF

Front GIA 72.06 sqm (775.65 sqft)

Rear GIA 120.81 sqm (1,300.38 sqft)

WC

WC

Trade Area

Bath

Kitchen

Lounge

Bedroom

Kitchen

Shower

WC

Plant

116-118 Westminster Buildings, Walsgrave Road,Coventry, CV2 4ED 024 76 233144

Dwg No - WZ026459

Presentation Scale 1:100 @A3

First Floor

FLOOR PLANAll Bar One16-17 North StreetGuildfordGU1 4AF

Front GIA 72.06 sqm (775.65 sqft)

Rear GIA 120.81 sqm (1,300.38 sqft)

Trade Area

Trade Area

Trade Area

Retail Unit

WC

WC

Kitchen

Glass Wash

116-118 Westminster Buildings, Walsgrave Road,Coventry, CV2 4ED 024 76 233144

Dwg No - WZ026459

Presentation Scale 1:100 @A3

Ground Floor

FLOOR PLANAll Bar One16-17 North StreetGuildfordGU1 4AF

GIA 292.32 sqm (3,146.51 sqft)

Bath

Kitchen

Lounge

Bedroom

Bath

Store

116-118 Westminster Buildings, Walsgrave Road,Coventry, CV2 4ED 024 76 233144

Dwg No - WZ026459

Presentation Scale 1:100 @A3

Second Floor

FLOOR PLANAll Bar One16-17 North StreetGuildfordGU1 4AF

GIA 72.10 sqm (776.08 sqft)

Second Floor

iNterNAl coNfiGurAtioN

APProximAte floor AreAS

The property has the following approximate gross internal floor areas.

level description Sq m Sq ft

Ground Bar Trading/ Ancillary 271.3 2,921

Ground Retail Trading/ Ancillary 21 226

Basement Bar Ancillary 196 2,109

first Bar Trading/ Ancillary 120.8 1,300

first Bar Accommodation 72.1 776

Second Bar Accommodation 72.1 776

total 753.3 8,108

All BAr oNe 16-17 North Street, Guildford Gu1 4Af

PlANNiNG

Our initial enquiries of the local authority have revealed that the property is Grade II Listed and is not located within a conservation area.

ePc

C-63

teNure ANd teNANcy

The property is held long leasehold for a term of 150 years from 5 April 1990 at a rent of £1.50 per annum.

The entire property is let on a 35 year lease to Mitchells and Butlers Retail (No. 2) Limited (Company Number 03959664) expiring 17 May 2033 at a current rent of £185,000 per annum subject to five yearly upwards only rent reviews, with the 2018 rent review outstanding.

All BAr oNe 16-17 North Street, Guildford Gu1 4Af

coveNANt

Mitchells and Butlers is a leading operator of managed restaurants, pubs and bars throughout the UK established in 1889 and currently operating over 1,700 outlets. Their brands include All Bar One, Browns, Miller & Carter, Vintage Inns, Harvester, O’Neills and Toby Carvery.

Mitchells and Butlers have recently completed a share issue to raise £350m which has further improved the tenants financial position.

Mitchells and Butlers Retail (No. 2) Limited is a wholly owned subsidiary of Mitchells and Butlers Plc which has published the following financial information:

year end 28/09/2019 29/09/2018 30/09/2017

turnover £2,237m £2,152m £2,180m

operating Profit £297m £255m £208m

Net Assets £1,947m £1,769m £1,626m

Mitchells and Butlers Retail (No. 2) Limited has published the following financial information:

year end 28/09/2019 29/09/2018 30/09/2017

turnover £315m £293m £283m

Profit for the Period £44m £3m £-117m

Net Assets £302m £254m £254m

All BAr oNe 16-17 North Street, Guildford Gu1 4Af

vAt

It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT.

termS

We are instructed to invite offers in excess of £2,800,000 (6.21% NIY) assuming the usual purchasers costs.

The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.

comPArABle trANSActioNS

Property tenant Price yield (Niy) date

Junction, upminster Spirit Pub Company (Greene King) £1.80m 4.29% Dec-20

red lion, Guildford Punch Taverns £1.525m 5.25% Nov-20

Black Prince, Addlestone Spirit Pub Company (Greene King) £1.93m 4.94% Feb-19

Ship, WilmslowSpirit Pub Company

(Greene King)£1.55m 5.03% Feb-19

o’Neill’s, harrow Mitchells & Butlers Retail Limited £1.90m 4.90% Jul-18

All Bar one, SuttonMitchells & Butlers Retail

(No. 2) Limited £1.50m 5.34% Apr-18

Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (L&P) Limited.Savills, their clients and any joint agents give notice that:

1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.

2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

originally prepared in January 2020 and updated in September 2020

vieWiNG ANd coNtActS

All 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.

Stuart Stares

+44 (0) 207 299 3088

sstares@savills.com

Paul Breen

+44 (0) 207 877 4555

pbreen@savills.com

Ordnance Survey © Crown Copyright 2019. All Rights Reserved.Licence number 100022432Plotted Scale - 1:750. Paper Size - A4