Revolution, Northampton

 

34-38 Bridge Street, Northampton, NN1 1NS

Offers in excess of
N/A
Acquired
Type - Commercial
Tenant type - Pub
  • Tenure: Freehold
  • Gross Rent: £93,500
  • Lease Term: 25 years from Dec '01
  • VAT applicable?: Y

Property Description

  • Freehold Blue-Chip Leisure Investment
  • The property comprises a large, attractive, part Grade II listed property which has been converted from 3 separate buildings.
  • Arranged over basement, ground and three upper levels, the property totals in excess of 10,000 sq ft.
  • The ground floor comprises the main bar / restaurant operation with a large bar servery, trade kitchen, dancefloor and DJ booth.
  • The first floor is accessed from both the front and rear of the property and comprises the customer WC’s, managers office, unused storage space and a flat roof.
  • There is back of house accommodation in the basement and part of the first as well as the second / third floors are unused.

Location Description

  • Northampton is a large market town situated approximately 65 miles north west of London and 50 miles south east of Birmingham.
  • The town is the UK’s second largest without official ‘city’ status, with a population of over 215,000.
  • Northampton benefits from excellent road connections, strategically located off J15 of the M1. The town is situated on the West Coast mainline with regular services to London and Birmingham.
  • The property is located on the busy Bridge Street in the heart of Northampton, in close proximity to the Guildhall and approximately 10 minutes walk from the bus and main line stations.
  • Bridge Street forms part of the town’s established bar / restaurant and late night licensed circuit.
  • The town hosts a variety of major food and beverage operations including Nando’s,  ASK and established independent operators such as Retro Bar, Balloon Bar and The Church Restaurant & Bar.
  • To the south of the Bridge Street there is a large Morrison's superstore, a Carlsberg Brewery and Aspers Casino.
  • To the immediate east of Bridge Street on Angel Street, is the new Northampton Council HQ - the ‘Angel Square’ Development. The new office scheme is anticipated to house over 2,000 employees and consequently boost spending in the town by an estimated £12 million over the next decade.

Additional Notes

  • The property is let in its entirety to Revolution Bars Ltd trading as ‘Revolution’, for a term of 25 years from December 2001 FR&I
  • The parent company, Revolution Bars Group plc, has an Experian credit rating of 96 representing a Very Low Risk.
  • The current passing rent is £93,500 per annum. The lease is on a Full Repairing & Insuring basis with 5 yearly upward only rent reviews to Market Value.
  • The next rent review is due on 25th December 2021.
  • There is a potential opportunity to regear the lease, possibly to exclude the second and third floors which are currently unused and which offer scope for alternative use.

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