The Wharf

Sold Subject to Contract £750,000


Property Description

Online auction date: 24 May 2022. Bidding opens at 11:00am and closes at 12:00noon. By AUCTION PROPERTY LONDON We are delighted to offer to the market this freehold property. The pub is currently let at £75,000 per annum with 0.45 acre vacant plot.
The pub is detached and set out over three storeys beneath a multi-pitched clay tile covered roof. There are various extensions to the rear. The site benefits from a large car park to the side for over 30 cars, a fenced trade garden to the rear and external bench seating to the front and side of the building.

Ground floor: The trading area is sub-divided into two trading areas decorated in a traditional “Olde-Worlde” style fitted with a central bar servery and exposed timber flooring. A set of customer wc’s and a trade kitchen and cold beer store lie to the rear.
First floor: Five rooms, kitchen and a bathroom with separate wc.
Second floor: Two rooms.

VAT: This property is subject to VAT.

The approximate gross internal floor areas are calculated to be:-
Ground floor 215 sq m (2,313 sq ft)
First floor 105 sq m (1,130 sq ft)
Second floor 37 sq m ( 398 sq ft)
Total 357 sq m (3,841 sq ft)

Using the online Promap measuring system the building footprint and site area are calculated to be: -
Pub Building Footprint 238 sq m (2,560 sq ft)
Total Site Area 0.7 acre or 2,800 sq m (30,125 sq ft)

The pub is situated within an area administered by Thurrock Council and lies approximately 30 kilometres (19 miles) east of central London. The site faces onto the River Thames and is surrounded by predominantly residential accommodation mixed in terms of style and height. There are four storey residential blocks either side of the pub with a development of houses to the rear.
Tilbury Docks are located less than two kilometres to the south east and the DP World London Gateway Port lies circa 10 kilometres (six miles) to the east.
The amenities of Lakeside shopping centre are located less than 2 ½ kilometres (1 ½ miles) to the north west. Grays town centre and Railway Station lie circa 500 metres to the north east. Grays Railway Station (C2C Line) provides frequent services into London Fenchurch Street Station with a journey time of circa 35 minutes.

The Premises Licence permits the sale of alcohol from 10:00am until midnight Sunday to Thursday and from 10:00am until 1:00am on Friday and Saturday.

From verbal enquiries of Thurrock Council it has been established that the property is Grade II listed but does not lie within a conservation area.

Rating Assessment:
The property is listed as a public house and premises and has a rateable value of £50,000 with effect from 1st April 2017.

The pub portion of the property is subject to a 10 year free-of-tie lease which expires in June 2031. The lease is contracted outside of the security of tenure provisions of the Landlord & Tenant Act 1954 Part II (Section 24 – 30). The rent passing is £75,000 per annum. The lease is FRI and the next rent review is due in June 2026. The tenant is a new company named ‘Rozee Bar Group Limited’ (Company No. 13471617). The landlord is holding a rent deposit equivalent to three months rent, £18,750 plus VAT of £3,750, (total £22,500). A copy of the lease is available upon request.
The adjacent plot is being sold with full vacant possession upon completion.

Basis of Sale:
A feasibility study has been undertaken showing how it may be possible to develop a mixed-use scheme on the vacant parcel of land adjacent to the pub. Please see the attached extracts from the feasibility study. A copy of the feasibility massing study is available upon request. Please note that this land does not benefit from planning permission and these sketches are only provided for indicative purposes only.

EPC: See legal pack

Buyers Admin Fee Applies Upon the fall of the hammer, the Purchaser shall pay a 10% deposit  (subject to minimum of £5,000, whichever is the greater) and a Buyer's Admin Fee of £1,200 inc VAT and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction  (unless otherwise stated).
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