Skip to Content

Lot 7 Sold Prior

Ground Floor Pub & Mezzanine, 6–8 Park Street, Luton, Bedfordshire LU1 3EP

  • Photo1
  • Photo2
  • Photo3
  • Photo4
  • Photo5

Lot 7

Commercial Investment let to Stonegate Pub Company Ltd until 2038 (no breaks) – Gross Yield 12.1%
6 week completion

Situation

Located at the junction with George Street in the pedestrianised town centre, opposite The Mall Luton which includes a Lidl Supermarket, diagonally opposite the Bedfordshire University Luton Campus and amongst a host of other multiple retailers including Farmfoods, Creams, Coral, NatWest, Barclays, Admiral Casino and others.
In addition, Luton Town Football Club is aiming to open its new stadium in 2026 which will be located in nearby Power Court approx. ⅓ mile distant.
Luton is a well known commercial centre approx. 30 miles to the south and the town benefits from easy access to the M1 (Junctions 10 & 11).

Property

Comprising a Substantial Ground Floor Pub with Ancillary Space on the mezzanine floor.
In addition, the property benefits from use of a Rear Loading Bay that can also be accessed from Park Street West.

Accommodation¹

Ground Floor Pub
Gross Frontage                                   105'9"
GIA incl. Pub Area, Kitchen, & WCs  Approx. 5,166 sq ft
Mezzanine Ancillary
GIA                                                       Approx.    236 sq ft
                                                             _______________

Total GIA                                            Approx. 5,402 sq ft

¹Areas supplied by Vendor.

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from completion at a peppercorn ground rent.

Tenancy

The property is let on an effectively full repairing and insuring lease to Stonegate Pub Company Limited (see Tenant Profile) for a term of 20 years from 7th December 2018 (see Note 1) at a current rent of £109,000 per annum exclusive.

Rent Reviews December 2023 (Outstanding - see Note 2) and 5 yearly to the greater of Market Rent or RPI with a collar and cap at 1% and 4% respectively.

Tenant Profile

Stonegate Group is now the largest pub company in the UK with over 4,500 sites which range from Leased & Tenanted to Managed and includes such branded bars including Slug & Lettuce, Yates, Walkabout and Be At One. Visit: www.stonegategroup.co.uk

Note 1: A reversionary lease was completed in December 2021 for a further 10 year term from 7th December 2028 to 6th December 2038.

Note 2: When activated, we understand the December 2023 rent review will increase the rent to a minimum of £113,360 p.a.

Note 3: The property has traded as a pub for over 25 years.

Note 4: The beer garden to the side of the building is not demised to Stonegate Pub Company Liminted and is not included with this sale.

Note 5: The Freehold of the property to include the vacant upper part is also being offered for sale in this auction - see Lot 8.

Enquire about this lot:

Photo of Steven Grossman

Steven Grossman
020 8492 9449
sgrossman@barnettross.co.uk

Photo of Jonathan Ross

Jonathan Ross
020 8492 9449
jross@barnettross.co.uk

*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.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.