THE CLOG & BILLYCOCK Billinge End Road, Pleasington, Blackburn, Lancashire, BB2 6QB WELL LET FREEHOLD INVESTMENT G INVESTMENT SUMMARY
Key Property Information:
▪ Situated in the attractive and affluent area of Pleasington.
▪ A well let public house arranged over 2 floors totalling 4,689 sq ft at ground level.
▪ Freehold.
▪ Let entirely to Ribble Valley Inns Ltd on a 15 year FRI lease commencing 15th September 2018 and expiring on 14th September 2033
▪ Tenant only break option at the 10th anniversary of the lease.
▪ Guaranteed by Brunning and Price Ltd (4A1).
▪ Current passing rent £100,000 pa.
▪ Five yearly indexed rent reviews, with the next review in September 2023.
Pricing:
▪ Offers are sought in excess of £1,570,000 (One Million Five Hundred and Seventy Thousand Pounds) subject to contract and exclusive of VAT.
▪ A purchase at this level reflects a Net Initial Yield of 6.00% when allowing for purchaser’s costs at 6.80%. THE CLOG & BILLYCOCK, BLACKBURN
Location
The property is located within the West Pennine Moors in the attractive village of Pleasington, 2 miles west of Blackburn. Nearby locations include Preston, situated 10 miles west whilst Burnley is 15 miles east.
Pleasington is elevated and overlooks the River Darwen, with the pub set on the slopes of the idyllic landscape, enjoying spectacular views to the south. The surrounding area comprises sparsely situated residential property, with the demise positioned within the greenbelt.
The property benefits from excellent transport connections, with both Pleasington and Cherry Tree Railway Stations close by. Visitors can enjoy fantastic rural walks, with the picturesque Ribble Valley District due north.
The area is popular with tourists who enjoy the area's natural unspoilt beauty, much of which lies within the Forest of Bowland. Situation
The property is located on Billinge End Road, providing arterial access to Blackburn. Surrounding real estate includes residential dwellings, schools and golf courses.
Billinge Wood lies nearby to the property providing ramblers with a range of scenic walks and the opportunity to visit several popular local attractions including Alfred Wainwright Memorial and Billinge Hill Viewpoint.
In addition the locality is popular with cycling clubs who utilise the pub as a meeting and stopping point during cycling events and activities. THE CLOG & BILLYCOCK, BLACKBURN
Description
A two storey detached property of stone construction sat under a multi-pitched and slate tiled roof. The exposed stone frontage acts as an attractive feature, whilst the majority of the property benefits from a cream painted render. To the rear is a tarmacadam car park able to accommodate approximately 70 vehicles, whilst to the side and front is a small outdoor seating area comprising 70 covers.
Internally, the trading area is comprised at ground level and configured around a central bar servery. The surrounding lounges and restaurant seating areas provide a total of 128 internal covers. The trading area was extensively refurbished in Q3 2018 and offers high specification accommodation throughout with a range of traditional features and open fireplaces. The commercial kitchen, customer W/Cs and storage areas are located to the rear and side of the trading area.
The first floor comprises a recently refurbished one bedroom manager’s flat, manager’s office, large stock room, staff W/C’s and additional stores. Accommodation
Floor Sq M Sq Ft
Trading Area 261.90 2,819
Kitchen 124.51 1,340
Cellar 25.22 271
Total 411.63* 4,430*
*Excludes W/Cs. THE CLOG & BILLYCOCK, BLACKBURN
Tenure
Freehold.
EPC
A copy of the Energy Performance Certificate is available upon request.
Rateable Value
The current rateable value is £90,700 effective as of 1st April 2017.
The rates payable are therefore approximately £44,715. (£0.493 - standard multiplier).
Tenancy Information
The property is fully let to Ribble Valley Inns Limited (04991522) on a 15 year FRI lease commencing 15th September 2018 and expiring 14th September 2033. The unexpired term is therefore approximately 14.63 years.
The passing rent is £100,000 pa subject to 5 yearly rent reviews indexed to the greater of open market value or CPI capped at 3%. The next review date falls on 15th Septemeber 2023.
The lease is guaranteed by Brunning and Price Limited (01543132). THE CLOG & BILLYCOCK, BLACKBURN
Covenant The Restaurant Group Plc
Brunning and Price Limited (01543132) has a Dun & Bradstreet rating of 4A1. The Restaurant Group Plc (TRG) is a UK-based company which operates over 500 restaurants and public houses. The business also The company has a total turnover of £72,540,000 for the financial year ending operates a concession business which trades over 60 outlets across 31st December 2017. more than 30 brands, primarily in UK airports.
In 2018, TRG acquired Wagamama for circa £315m, adding a further 133 UK based restaurants to the estate. Brunning and Price Limited
Founded in 1989 by friends Jerry Brunning and Graham Price, the business has since grown into a 68-strong estate spanning across the UK.
Brunning and Price Limited is the main pub owning and operating subsidiary of The Restaurant Group. It owns and operates its pubs having built up the group from 14 pubs on acquisition in 2007, mostly by individual purchases and refurbishment.
More recently the group acquired the London and South-East based Food & Fuel Limited (11 pubs) for £14.9m and Ribble Valley Inns Limited (4 pubs) of which The Clog & Billycock was one of the pubs acquired.
Brunning and Price in the year to December 2017 commented that “our estate is largely freehold backed with a book value in excess of £80m” and the accounts for that period show leasehold rent of £910,000 covered 14.9x by EBITDAR of £13.602m. PROPOSAL
We are instructed to seek offers in excess of £1,570,000 (One Million Five Hundred and Seventy Thousand Pounds) subject to contract and exclusive of VAT for the Freehold interest in the property.
A purchase at this level reflects a Net Initial Yield of 6.00% allowing for purchaser’s costs at 6.80%. FURTHER INFORMATION
All viewings should be undertaken on the basis of a discreet customer inspection in the first instance. Formal viewings can subsequently be arranged through CBRE.
Under no circumstances should there be any interaction with staff.
For further information and viewing requests, please contact one of our expert advisers.
Nick Huddleston James Brindley 0161 233 5672 020 7182 2651 07791 251745 07827 356 616 [email protected] [email protected]
CBRE Limited, February 2019 CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT.
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