9-21 Silver Street ⢠Halifax WeSt YorkSHire ⢠Hx1 1HS - Fastly
Yates 9-21 Silver Street • Halifax West Yorkshire • HX1 1HS Freehold public house investment for sale which is currently let to Stonegate Pub Company, the UK’s largest privately owned managed pub operator
Licensed Leisure www.savills.co.uk/licensedleisure
Investment Summary ++ Freehold public house investment ++ Let to Stonegate Pub Company Limited ++ Lease without break expiring August 2032 ++ Passing rent £131,127 per annum ++ Five yearly open market reviews with an outstanding rent review from August 2017 ++ Business unaffected by sale ++ Accommodation arranged over basement, ground and two upper floors ++ Offers in excess of £1,625,000 (7.6% NIY) are invited for the benefit of our clients freehold interest
Yates
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
Broad Street Plaza
WIN DI N G
Calderdale Industrial Museum
ST
Halifax Borough Market
ET TRE
Yates
Halifax Minster
RE ET
Woolshops Shopping Centre
CH
STR EET
T
S RLES CHA
HAL L
EE
ET T RE HY S
C HU
Victoria Theatre UN
TA IN
RE ROAD UA SQ
FO
Piece Hall
R
Halifax
ST RE ET
CH UR CH
ST RE
ET
LANE
R ST
Yates
RO AD
SMIT
LA NE
D OA BR
LISTER
N DA B O
T
LL ON
N COW GREE
The property comprises a large detached period three storey building dating from 1923 with stone and brick elevations beneath a flat roof. The property comprises customer trading area, beer cellar, trade kitchen and storage areas arranged over basement, ground and two uppers floors.
U
AY W
ST OW N
AD O R
PE
O R EET R
TREET ES ORAN G
K
U
E
C O D R BU
The Yates occupies a prominent position fronting Silver Street in the heart of the towns leisure location. Nearby occupiers include the Brasserie at the Bull, KFC, Bar Rouge, Nationwide, HSBC and William Hill.
DESCRIPTION
ST
AR LE
ATE
A NG
Located in the Metropolitan Borough of Calderdale in West Yorkshire, Halifax is the largest town within the borough and has a strong industrial heritage. The town has one of the most complete Victorian townscapes within Britain and attracts tourists looking to explore the local attractions including Shibden Hall & Estate, the Piece Hall, Eureka Museum and Halifax Minster. Halifax also hosted a stage of the Tour de Yorkshire in 2017.
CH THG NOR
OR
Location
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
Eureka Museum
bers
ham
's C
WATERHOU SE STREET
5
33 to 35
39
3
10
24
ACCOMMODATION
21
E N LA
JOHN STREET
19
N O LL PE
153.0m
17 to
Hind
Eb M en e e Ch tho zer ur dis ch t
4 GILL'S
55
43
7 to 11
15
3
17
13
19
15 17
19 20 22
21
13
ET RE ST GE OR E G
1,996
Shelters
3
6
5 7
9,283
9 15
17
21
4
23 25
5
15
17
16
31
39 to 47
6
14
ST
en re ll G se Bu Hou
Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
Multistorey Car Park
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
146.9m
NOTE -Car Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Park Barum Top of the Controller of H.M. Stationery Office © Crown Reproduced from the Ordnance Survey Map with the The permission PH copyright licence number 100022432 Savills (L&P) Limited. Shelters 10m 20m 30m PH
Yates
37
2
13
TCB
AL MMERCI BACK CO
P TO
0m
Shelter
33
18
M
L
L BU
N EE GR
29a
9
1
20
30
16
RU BA
Our initial enquiries of the local authority have revealed that the property is within the Halifax Town Centre Conservation Area, however it is not listed.
ET RE ST ON WS A R
14
16 18
29
PH 28
Planning
13
10
11
PH
ts Pos
862.3
9a
Total
Head Post Offi
7
185.4
OLD
1
TCBs
24
Ancillary
EET STR IAL ERC
8
4
Second
PC
GEORGE SQUARE
Depot
22
Bollards
MM CO
1,996
Rising
19
AGE PASS
185.4
UPPER GEORGE YARD
13
14
Ancillary
3 to 5
n Ve use Ho
o9 1 t ture
AN SW
TCBs
2
5
First
24a
24
2
Cha
PH
20 to
18
12
1,930
jua ers mb
Jan
154.2m
35
K AC BL
PH
AN SW
179.3
41
ET RE ST
K AC BL
Ancillary
39
24
23
Basement
37
ER LV SI
25 27
3,361
PH
148.7m
6
1 to
6
4
12
20
LANE LISTER
31
4
6
The Corners (PH)
2
312.2
2
6
GINNE LL
Sq Ft
Trading
CROWN STREET
10
T EE TR LS RA NT CE
COW GREEN
Sloping masonry
Car Park
The property has the following approximate gross internal areas:
Ground
2
4
18
Sq M
24 to 28
30
Posts
14
Second floor The second floor is largely redundant and used for storage having historically been used as a trading area.
Description
46
48
50
52
34
First floor The first floor comprises a commercial kitchen, storage areas, staff room and managers office. Swine Market
Level
1 2
18
PH 60
27 29
Ground floor The ground floor comprises an open plan customer trading area with modern bar servery, seating on a variety of loose tables, chairs and fixed booth seating for 210 customers, a DJ booth and Lister Court games area. Male, female and disabled toilets are also provided at this level.
Basement The basement comprises storage, plant room and beer cellar.
COURT
Lorgat
y
wa Sub
EPC E-101
Tenure and Tenancy The property is held freehold. The entire property is let on a 35 year lease to Stonegate Pub Company Limited (Company Number FC029833) expiring 28 August 2032 at a current rent of £131,127 per annum subject to five yearly upwards only rent reviews, with an outstanding rent review from 29 August 2017.
Covenant Stonegate Pub Company Limited is the largest privately owned managed pub company in the United Kingdom currently operating over 690 pubs and bars and generating a revenue of over £642 million. Stonegate are backed by private equity firm TDR Capital and were established in 2010 through the acquisition of 333 pubs from Mitchells and Butlers for £373 million. Since then the company has grown its estate to more than 690 sites through strategic acquisitions including Town & City Pub Company in 2011, Living Room and Bramwell Pub Company in 2013, Maclays Inns in 2015 and more recently Tattershall Castle Group, Intertain (Walkabout), Sports Bar & Grill and assets from JD Wetherspoon. The company is renowned for its Yates and Slug & Lettuce brands however they operate six other formats including Classic Inns, Proper Pubs, Town Pub & Kitchen, Venues, Walkabout and Common Room. Stonegate Pub Company has published the following financial information: Year End
25/09/2016
27/09/2015
Turnover
£642,561,000
£561,632,000
Adjusted Ebitda
£96,000,000
£78,500,000
Net Assets
£81,122,000
£99,741,000
Yates
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
The Market The UK leisure investment market has remained extremely buoyant throughout 2017 with investor appetite at an all-time high. Demand for public house investments has been driven by the strong occupational market, long leases, low interest rates and the lack of quality investment stock. Investor demand for regional public house assets remain incredibly strong particularly for buildings which are let to strong covenants on long leases. The strength of demand has led to investment yields sharpening in recent years as can be seen from the schedule of comparable leisure transactions below:
Comparable Transactions Property
Tenant
Price
Yield (NIY)
Date
Block and Gasket, Manchester
Slug & Lettuce Company Limited
£815,000
5.43%
Mar-18
Slug & Lettuce, Bristol
Stonegate Pub Company
£2,425,000
5.05%
Sep-17
Mixed Portfolio
Stonegate Pub Company
£23,000,000
5.50%
Jun-17
Chesters, Sunderland
Stonegate Pub Company
£1,816,000
7.00%
Feb-17
Yates, Rochdale
Barley Pub Company (guaranteed by Stonegate Pub Company)
£1,080,000
7.00%
Feb-17
Yates
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
VAT It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT.
Terms We are instructed to invite offers in excess of £1,625,000 (7.6% NIY) assuming purchasers costs of 6.15%. The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.
viewing and Contacts All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff. For further information and all viewing requests please contact the sole selling agents Savills. Paul Breen +44 (0) 207 877 4555 [email protected] Stuart Stares +44 (0) 207 299 3088 [email protected] Peter Scholes +44 (0) 161 277 7227 [email protected]
Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (L&P) Limited. Savills, their clients and any joint agents give notice that: 1. T hey are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. A ny areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. April 2018
Licensed Leisure www.savills.co.uk/licensedleisure
Investment Summary ++ Freehold public house investment ++ Let to Stonegate Pub Company Limited ++ Lease without break expiring August 2032 ++ Passing rent £131,127 per annum ++ Five yearly open market reviews with an outstanding rent review from August 2017 ++ Business unaffected by sale ++ Accommodation arranged over basement, ground and two upper floors ++ Offers in excess of £1,625,000 (7.6% NIY) are invited for the benefit of our clients freehold interest
Yates
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
Broad Street Plaza
WIN DI N G
Calderdale Industrial Museum
ST
Halifax Borough Market
ET TRE
Yates
Halifax Minster
RE ET
Woolshops Shopping Centre
CH
STR EET
T
S RLES CHA
HAL L
EE
ET T RE HY S
C HU
Victoria Theatre UN
TA IN
RE ROAD UA SQ
FO
Piece Hall
R
Halifax
ST RE ET
CH UR CH
ST RE
ET
LANE
R ST
Yates
RO AD
SMIT
LA NE
D OA BR
LISTER
N DA B O
T
LL ON
N COW GREE
The property comprises a large detached period three storey building dating from 1923 with stone and brick elevations beneath a flat roof. The property comprises customer trading area, beer cellar, trade kitchen and storage areas arranged over basement, ground and two uppers floors.
U
AY W
ST OW N
AD O R
PE
O R EET R
TREET ES ORAN G
K
U
E
C O D R BU
The Yates occupies a prominent position fronting Silver Street in the heart of the towns leisure location. Nearby occupiers include the Brasserie at the Bull, KFC, Bar Rouge, Nationwide, HSBC and William Hill.
DESCRIPTION
ST
AR LE
ATE
A NG
Located in the Metropolitan Borough of Calderdale in West Yorkshire, Halifax is the largest town within the borough and has a strong industrial heritage. The town has one of the most complete Victorian townscapes within Britain and attracts tourists looking to explore the local attractions including Shibden Hall & Estate, the Piece Hall, Eureka Museum and Halifax Minster. Halifax also hosted a stage of the Tour de Yorkshire in 2017.
CH THG NOR
OR
Location
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
Eureka Museum
bers
ham
's C
WATERHOU SE STREET
5
33 to 35
39
3
10
24
ACCOMMODATION
21
E N LA
JOHN STREET
19
N O LL PE
153.0m
17 to
Hind
Eb M en e e Ch tho zer ur dis ch t
4 GILL'S
55
43
7 to 11
15
3
17
13
19
15 17
19 20 22
21
13
ET RE ST GE OR E G
1,996
Shelters
3
6
5 7
9,283
9 15
17
21
4
23 25
5
15
17
16
31
39 to 47
6
14
ST
en re ll G se Bu Hou
Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
Multistorey Car Park
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
146.9m
NOTE -Car Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Park Barum Top of the Controller of H.M. Stationery Office © Crown Reproduced from the Ordnance Survey Map with the The permission PH copyright licence number 100022432 Savills (L&P) Limited. Shelters 10m 20m 30m PH
Yates
37
2
13
TCB
AL MMERCI BACK CO
P TO
0m
Shelter
33
18
M
L
L BU
N EE GR
29a
9
1
20
30
16
RU BA
Our initial enquiries of the local authority have revealed that the property is within the Halifax Town Centre Conservation Area, however it is not listed.
ET RE ST ON WS A R
14
16 18
29
PH 28
Planning
13
10
11
PH
ts Pos
862.3
9a
Total
Head Post Offi
7
185.4
OLD
1
TCBs
24
Ancillary
EET STR IAL ERC
8
4
Second
PC
GEORGE SQUARE
Depot
22
Bollards
MM CO
1,996
Rising
19
AGE PASS
185.4
UPPER GEORGE YARD
13
14
Ancillary
3 to 5
n Ve use Ho
o9 1 t ture
AN SW
TCBs
2
5
First
24a
24
2
Cha
PH
20 to
18
12
1,930
jua ers mb
Jan
154.2m
35
K AC BL
PH
AN SW
179.3
41
ET RE ST
K AC BL
Ancillary
39
24
23
Basement
37
ER LV SI
25 27
3,361
PH
148.7m
6
1 to
6
4
12
20
LANE LISTER
31
4
6
The Corners (PH)
2
312.2
2
6
GINNE LL
Sq Ft
Trading
CROWN STREET
10
T EE TR LS RA NT CE
COW GREEN
Sloping masonry
Car Park
The property has the following approximate gross internal areas:
Ground
2
4
18
Sq M
24 to 28
30
Posts
14
Second floor The second floor is largely redundant and used for storage having historically been used as a trading area.
Description
46
48
50
52
34
First floor The first floor comprises a commercial kitchen, storage areas, staff room and managers office. Swine Market
Level
1 2
18
PH 60
27 29
Ground floor The ground floor comprises an open plan customer trading area with modern bar servery, seating on a variety of loose tables, chairs and fixed booth seating for 210 customers, a DJ booth and Lister Court games area. Male, female and disabled toilets are also provided at this level.
Basement The basement comprises storage, plant room and beer cellar.
COURT
Lorgat
y
wa Sub
EPC E-101
Tenure and Tenancy The property is held freehold. The entire property is let on a 35 year lease to Stonegate Pub Company Limited (Company Number FC029833) expiring 28 August 2032 at a current rent of £131,127 per annum subject to five yearly upwards only rent reviews, with an outstanding rent review from 29 August 2017.
Covenant Stonegate Pub Company Limited is the largest privately owned managed pub company in the United Kingdom currently operating over 690 pubs and bars and generating a revenue of over £642 million. Stonegate are backed by private equity firm TDR Capital and were established in 2010 through the acquisition of 333 pubs from Mitchells and Butlers for £373 million. Since then the company has grown its estate to more than 690 sites through strategic acquisitions including Town & City Pub Company in 2011, Living Room and Bramwell Pub Company in 2013, Maclays Inns in 2015 and more recently Tattershall Castle Group, Intertain (Walkabout), Sports Bar & Grill and assets from JD Wetherspoon. The company is renowned for its Yates and Slug & Lettuce brands however they operate six other formats including Classic Inns, Proper Pubs, Town Pub & Kitchen, Venues, Walkabout and Common Room. Stonegate Pub Company has published the following financial information: Year End
25/09/2016
27/09/2015
Turnover
£642,561,000
£561,632,000
Adjusted Ebitda
£96,000,000
£78,500,000
Net Assets
£81,122,000
£99,741,000
Yates
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
The Market The UK leisure investment market has remained extremely buoyant throughout 2017 with investor appetite at an all-time high. Demand for public house investments has been driven by the strong occupational market, long leases, low interest rates and the lack of quality investment stock. Investor demand for regional public house assets remain incredibly strong particularly for buildings which are let to strong covenants on long leases. The strength of demand has led to investment yields sharpening in recent years as can be seen from the schedule of comparable leisure transactions below:
Comparable Transactions Property
Tenant
Price
Yield (NIY)
Date
Block and Gasket, Manchester
Slug & Lettuce Company Limited
£815,000
5.43%
Mar-18
Slug & Lettuce, Bristol
Stonegate Pub Company
£2,425,000
5.05%
Sep-17
Mixed Portfolio
Stonegate Pub Company
£23,000,000
5.50%
Jun-17
Chesters, Sunderland
Stonegate Pub Company
£1,816,000
7.00%
Feb-17
Yates, Rochdale
Barley Pub Company (guaranteed by Stonegate Pub Company)
£1,080,000
7.00%
Feb-17
Yates
19-21 Silver Street, Halifax, West Yorkshire, HX1 1HS
VAT It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT.
Terms We are instructed to invite offers in excess of £1,625,000 (7.6% NIY) assuming purchasers costs of 6.15%. The business will continue to trade unaffected from the premises during the marketing of the property and post completion of the sale.
viewing and Contacts All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff. For further information and all viewing requests please contact the sole selling agents Savills. Paul Breen +44 (0) 207 877 4555 [email protected] Stuart Stares +44 (0) 207 299 3088 [email protected] Peter Scholes +44 (0) 161 277 7227 [email protected]
Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (L&P) Limited. Savills, their clients and any joint agents give notice that: 1. T hey are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. A ny areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. April 2018
