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Prince Albert

Prince Albert

1, Old Church Road
Chingford
London
E4 6SJ
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UNDER OFFER


Location
Situated in a prominent position at the busy crossroads of Old Church Road, Hall Lane, New Road and Chingford Mount Road, at the start of the main High Street, in a densely populated residential area.
Trade Accommodation
The premises are below ground level and are approached via stairs from street level, into a very large decking area, which includes an awning to provide protection from the elements.
Double door entry into a very large trading area (approx 140 square metres). Traditional Décor, carpeted throughout, alcove seating, occasional table and chair seating, poser tables and stools, high stools to bar. To the right, raised stage to the left, raised wooden floored seating area, big screen televisions throughout.
Lobby to toilets (well equipped, fully tiled, altro flooring) and fire escape (possible future disabled access). Servery to entire width of bar with mirrored back fitting, double door bottle chillers, glass washer and three tills.
Private corridor to rear of servery leads to doors to wine and spirit store, bottle and draught beer cold room, kitchen (small, tiled, basic equipment), adjacent to cleaners room and other half of unused kitchen (easy removal of stud work to double size), office/staff WC, very large storage area and steps up to rear ground floor entrance/garage behind sliding metal doors to delivery area.
Private Accommodation
Private flat comprising living room, 2 bedrooms, bathroom and well equipped kitchen, plug large flat roof terrace and four car parking spaces, all situated on the second floor. This flat is accessed by stairs from New Road.
Tie
FREE OF ALL TRADING TIES.
Trade
We have had sight of the unaudited accounts for year end 31.3.2006, which detail the following
Turnover574932
Gross Profit 376342
Overheads259606
Profit116736

It should be noted that this was year one of trading and the rent and rates were discounted. Accounts for the second year are being prepared.
The present lessee acquired the premises in March 2005, re-opened after a major refit costing £100,000 in May 2005, adopting an over 25’s only policy.
Trade is very brisk at weekends and steady throughout the week, although with a food operation trade could be much better. The business has Friday DJ’s, Saturday live music, Sunday karaoke and benefits from crib and darts teams and quiz nights.
During our visit we had sight of the takings for week ending Sunday 2nd December, detailing wet sales of £11664.30, and declared fruit machine takings of £516.00.
The current lessee trade predominantly with Scottish & Newcastle and his first years barrelage was circa 600 barrels.

Tenure
64 years remaining on an original 99 year lease granted in May 1972. Enterprise sold to Admiral Taverns, who handed head lease back.
Rent
£46,000 per annum. Next review May 2014.
Premises Licence
Allows the sale of alcohol as follows:
Monday - Thursday11 am - 12 pm (presently shutting at 11 pm)
Friday and Saturday 11 am - 2 am (presently shutting at 1 am).
Comment
The present lessees are wishing to leave due to poor health. The business would suit both pub/club operators and restauranters.
Price
We are seeking offers in the region of £250,000 for this high profile business on a long FREE OF TIE lease, to include all trade fixtures and fittings with stock and glassware in addition at valuation. The freeholders may require a security, advance rent and payment of legal fees.


Viewing Details :-
After an initial discreet viewing of the trade areas only all persons who wish to view the private quarters should make an appointment via the vendors “Sole Agents” who will at this stage request proof of finance and discuss the requirements of the freeholders.
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
Finance Available


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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