Excellent Town Centre Pub Opportunity

The Libertine, 46-56 Portland Road, Worthing, BN11 1QN

Quick Summary

£150,000 Units: 1 Floors: 3 Area: 4000 sq ft Type: Business, Commercial, Leisure Status: Sale

Property Description

Spratt and Son Commercial are delighted to bring to the market an excellent opportunity to purchase the leasehold interest of an extremely well presented pub situated within the heart of Worthing Town Centre.

The property, which has accommodation arranged over three floors, was refurbished throughout approximately three years ago to an extremely high standard of finish. The ground floor comprises a large open plan bar with ladies & gents WC’s, fully fitted commercial kitchen and beer cellar to the rear.

The first floor offers a separate function room with independent bar and access onto a good size west facing roof terrace, whilst the second floor comprises ample office/storage space which could be converted into staff accommodation, subject to obtaining any necessary consent.

Externally there is a walled front forecourt providing extra outside seating in addition to the roof terrace.

This is an excellent turn-key opportunity and viewing is strongly recommended.

 

LOCATION:

Worthing is the largest town in West Sussex, located on the coast between Brighton and Chichester. The town has a resident urban population of approximately 100,000 people and a population of around 500,000 within a 13 mile catchment area.

The subject property is situated within the heart of Worthing Town Centre in a prominent corner position at the junction of Portland Road and Shelley Road. Worthing’s main pedestrianised shopping precinct of Montague Street is within 150m and nearby occupiers include Marks & Spencer, Boots, Small Batch Coffee and a number of independent cafes, bars and restaurants.

 

ACCOMMODATION:

 

GROUND FLOOR:

 

Main Bar

Maximum overall width             58’10

Maximum overall depth             54’10

Approximate area                      2180 sq ft

 

Kitchen                                       286 sq ft

Beer Cellar/Store                         258 sq ft

Ladies WCs

Gents WCs

 

FIRST FLOOR FUNCTION ROOM & BAR:

Maximum overall width             32’7

Maximum overall depth             26’2

Approximate area                      810 sq ft

 

SECOND FLOOR:

Office/Store 1                            118 sq ft

Office/Store 2                            105 sq ft

Office/Store 3                            335 sq ft

 

EXTERNAL:

A real feature of the premises is the good size, west facing roof terrace which is accessed via the first floor function room and separate external staircase. At ground floor there is also a small walled forecourt to the front of the property providing added outside seating.

 

BUSINESS:

The bar has been in the same ownership for approximately three years and is operated by the current owner together with two full-time members of staff and six part-time/casual staff.

The premises are licenced between 10:00 – 00:30 Sunday to Thursday and 10:00 –1:30pm on Friday and Saturday. The current opening hours are 4pm-Midnight Wednesday and Thursday, Midday – 1am Friday and Saturday and Midday-9pm on Sundays.

The vast proportion of turnover currently comprises wet sales and the bar does not have a full-time kitchen operation. We would consider that there is huge potential to increase turnover by introducing a food menu and increasing opening hours.

Full accounting, licence information etc is available to serious applicants upon request.

 

LEASE:

The premises are subject to a 35 year lease from August 2001 at a rent of £45,000 per annum plus VAT. The lease of completely free of tie.

The lease is subject to rent reviews everything fifth year.

 

PREMIUM:

£150,000 for the leasehold interest, business, goodwill and fixtures and fittings (full inventory to be agreed). Stock at valuation.

 

LEGAL FEES:

Each side are to be responsible for their own legal fees unless otherwise negotiated. The purchaser will be required to be responsible for the landlord’s legal costs and may be required to undertake to be responsible for the seller’s abortive costs.

 

RATES:

Rateable value              £51,500.00

We would recommend any interested parties make their own enquiries as to the Rates Payable.

 

VIEWING:

Strictly by appointment with Spratt & Son.

 

ENERGY PERFORMANCE CERTIFICATE:

The Energy Performance Asset Rating for the property is D.

Copies of the EPC and Recommendation Report are available upon request.

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