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Lot 10
The Church House, Horsefair & 2/3 North Bar Street, Banbury, Oxon OX16 0TB

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Sold: £1,160,000

16½ YEARS UNEXPIRED TO GREENE KING

SITUATION

Occupying a prominent position abutting a Public Car Park, within the town centre on the main A361 amongst a variety of local eateries and bars as well as multiple traders such as Odeon Cinema, Strutt & Parker Estate Agents, Pizza Express, Costcutters and others, all serving the surrounding residential area.
Banbury is a busy and prosperous market town which lies some 20 miles north of Oxford and 40 miles east of Birmingham with excellent road access via the M40.

PROPERTY

An attractive Grade II Listed Period building comprising:
• Large Public House with 25 ft high barrel ceiling which benefits from a rear partly roofed Beer Garden.
• Cellar/Storage Area
• Function Room on part first floor.
• 6 Room Self-Contained Flat on part first and the entire second floor accessed via the front.
• Ground Floor Shop adjacent to the Public House.

ACCOMMODATION

Frontage to Horsefair 73'0"
Total Return Frontage 64'0"

Ground Floor Public House
Internal Width 32'0"
Pub & Built Depth 64'6"
Sales Area Approx. 2,228 sq ft
Kitchen Area Approx. 426 sq ft
Beer Garden Area Approx. 1,980 sq ft
Cellar/Storage*
Area Approx. 1,000 sq ft
Male & Female WCs
Mezzanine Area Approx. 279 sq ft
Part First Floor Function Room**
Area Approx. 640 sq ft
Part First & Second Floor Flat**
5 Bedrooms, Office, Kitchen, Bathroom/WC, Shower Room/WC

2/3 North Bar Street - Ground Floor Shop
Internal Width 27'3"
Shop Depth 18'6" (max)
WC

*Partly inspected.
**Not inspected.

VAT is applicable to this Lot.

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease to Greene King Brewery and Retailing Limited (having over 3,000 Pubs, Restaurants and Hotels throughout the UK) (T/O for Y/E 03/05/15 £1.222bn, Pre-Tax Profit £76m and Shareholders' Funds £1.805bn) for a term of 35 years from 29th September 1998 (having over 161/2 years unexpired) at a current rent of £77,500 per annum exclusive.

Rent Reviews 2018 and 5 yearly

Note: The Vendor has advised that the shop at 2/3 North Bar Street has been sublet for a term of 5 years from 13th June 2016 to Mr B S Reid t/a Golden Age Cycles at £6,000 p.a. The sub-tenant can break the sublease in June 2018.

*Please note:

RESERVE:The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE: Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

  • a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
  • b. A single price figure where the 'Reserve' is not to exceed it.
  • c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
  • d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.