White Lion, Norwich
Leasehold for Sale
Rent: Rent - OIRO £20,000 Ex VAT per annum
Price: Premium - £30,000 Ex VAT (exc VAT if applicable)
New 'free of tie' lease available for central Norwich public house
- 2,474 sq ft Gross External Area - (230 sq m)
- New 'free of tie' lease available for a term to be agreed
- Long established wet-led venue with scope to increase food trade
- Norwich & Norfolk CAMRA - Cider Pub of the Year 2018
- Characterful internal trading areas incorporating 2 bars and games room
- EPC Rating: E(109)
The White Lion is well-positioned in central Norwich just off the city's ring road (St Crispins Rd) and close to the River Wensum. It is now unopposed on Oak Street, a road which reportedly had over 30 pubs on it 100 years ago.
The White Lion is predominantly a 2-storey brick-built building under a pitched tiled roof. The primary bar area is accessed from Oak Street and features a wooden servery catering to c. 20 covers. The secondary bar caters to a 15 further covers from the same servery. To the side is a games room which houses a darts board and bar billiards table. It also provides access to the male & female WCs and the courtyard area which provides 25 more covers with a combination of fixed and loose seating.
Back of house, a well-equipped commercial kitchen and prep area is present along with a ground floor cellar. There is also a garage which is currently utilised as storage but could be incorporated as part of the trade area, subject to any necessary consents. Domestic accommodation is situated at 1st floor level. This consists of 3 bedrooms, large lounge, bathroom and extensive domestic kitchen.
The property is available by way of a new 'free of tie' lease for a term to be agreed. The Landlord would welcome an ongoing purchasing agreement with the new tenant but this is negotiable. The new agreement will be within the provisions of the Landlord & Tenant Act (1954).
An outstanding freehold offer would also be considered.
Rent & Premium
A premium of £30,000 is sought for the benefit of the new lease. All trade fixtures & fittings will be included in the sale and an inventory is available, upon request. Rental offers are invited in the region of £20,000 per annum. We understand the rent payable will attract VAT. Initial rental incentives may be available subject to the tenant's assessed covenant strength.
Applicants must have sufficient capital available to cover the premium, 4 months' rent (3 months as a deposit; 1 months rent in advance), building insurance, legal fees and working capital.
Proof of funding and a business plan will be sought. Staged payments of the premium may be considered, subject to terms.
The business has consistently traded in the region of £200,000 per annum (exc VAT). More detailed financial information can be made available to genuinely interested parties.
Rates & Charges
Business Rates£0.00 per annum (based on a Rateable Value of £10,600)
We understand that 100% small business rate relief is available
Council Tax£1205.55 per annum (Band A)
73 Oak Street