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Savills plc

09/23/2021 | Press release | Distributed by Public on 09/23/2021 04:34

Freehold public house currently let to Stonegate Pub Company in Lichfield comes to market for offers over £1.7m

The two storey property which spans 6,376 sq ft is let to the Stonegate Pub Limited, the UK's largest pub company, on a 30 year lease expiring in 2044 at a rent of c.£113,000 per annum which benefits from fixed rental increases every five years equivalent to 2.5% per annum. The property occupies a prominent corner position fronting Bird Street and comprises trading areas at ground and first floor levels with a trading terrace to the front elevation.

The property is directly opposite the Best Western George Hotel and a short walk from operators including Brewhouse and Kitchen, The Acorn Inn (JD Wetherspoon), Ego Restaurants and Premier Inn. Lichfield benefits from its proximity to University of Staffordshire with a student population of over 16,500, the Garrick Theatre, Lichfield Cathedral, the Three Spires Shopping Centre and the 70 acre Beacon Park.

Stuart Stares, Associate Director in the Licensed Leisure team at Savills, says: "This property provides a mix of indoor and outdoor trading areas in a central location in the Cathedral City of Lichfield. The current occupier is part of the UK's largest pub company and has recently extended the lease so that it now expires in 2044, illustrating their strong belief in this location, providing investors with an attractive investment opportunity offering guaranteed rental growth throughout the term."