SOLD

Location
Situated on the corner of Grove Road and Mile End Road amongst a parade of shops and opposite Mile End tube station and Purple, E3 night club (Benjy’s)

Accommodation
Ground Floor - Bar, toilets, outside yard, cellar
First Floor - Shower/WC, kitchen, lounge, 2 bedrooms. The premises have central heating throughout and are alarmed. They are in need of decoration within the first floor.

Tie
Free of tie for beers, wines, spirits, minerals and machines.

Trade
We are advised that the wet trade averages £4000 per week and enjoys very good income from the machines.

Tenure
1. New 10 year renewable lease. Purchasers responsibility for repairs will be décor and day to day internal repairs not full repairing.

2. Freehold

Hours
Operated with traditional pub opening hours.

Rent
£40,000 per annum payable monthly in advance. Reviews every 3 years.

History
The present freeholder and her partner have operated these premises for the last 20 years as tenants, lessees and now as owners. The premises enjoy a steady daytime trade from locals and shoppers and in the evening attract a younger crowd using the venue as a starting point before leaving for the local nightclub or other late licence venues. The premises are decorated in a traditional theme, but with its proximity to the highly populated college, the local night life and the Underground station it may be time to modernise its image to appeal to a new market.

Ingoings

1. Lease

Premium (to include all remaining fixtures and fittings)
£80,000

Deposit £5,000

1 months rent £3,333 plus VAT

Stock & Glassware £2,000
Young & Smith professional fees £3,000 plus VAT

£94,500

2. Freehold £550,000

Development plans have been drawn up to add a second and third floor to create 3 x 2 bedroom flats, each with bathroom, kitchen and lounge/dining room, leaving ground floor retail/pub unit with Ladies and Gents toilets, yard and basement cellar.

Viewing Details :- STRICTLY BY APPOINTMENT THROUGH THE VENDORS AGENTS.
YOUNG AND SMITH
Telephone 020 7709 8788 Fax 020 7709 8789

For further details on this Public House please Contact :- Martin Smith

Misrepresentation Act 1967
n b. the information contained in these particlars has been verified by Young & Smith staff so far as it has been possible to do so. Young & Smith believes the information is correct, objective and unambiguous and meets in all respects, the requirement of the property misdescriptions act and order

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