A popular Wolverhampton pub has been put on the market for the eye-watering price of £2,400,000. Hogshead sits near to the University of Wolverhampton in the city centre.
The current rent is £236,444 per annum but this is expected to increase to £277,703 next month. The business will be unaffected by the sale of the building, according to Rightmove.
A discription reads: “The three storey corner building is arranged over ground, basement, first and second floors with exposed brick elevations beneath a pitched and hipped roof.
“Located in the historic City of Wolverhampton at the intersection between Broad Street and Stafford Street, directly opposite the University of Wolverhampton with a student population of 21,000 across its three campuses.
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“The Hogshead is situated within the heart of the leisure circuit in Wolverhampton with nearby operators including The Royal London (Stonegate), The Moon Under Water (JD Wetherspoon), The Goose (Stonegate), The Billy Wright (Amber Taverns) and a number of independent restaurant and bar operators.”
Key features are listed as:
- Freehold public house investment
- Entire property let to Barley Pub Company Limited with Stonegate Pub Company Limited, Town & City Pub Group Limited and Hops Pub Company Limited as Guarantor
- Property arranged over four levels extending to 11,679 Sq Ft (1,085 Sq M)
- Current rent of £236,444 per annum
- The rent will increase to £277,703 per annum at the next rent review in February 2025
- Lease expiring July 7 2045
- The rent is subject to five yearly annually compounded upwards only rent reviews in line with RPI subject to a collar of 1% and cap of 4%
- Business unaffected by sale
- Offers in excess of £2,400,000 (10.9% NIY) based upon the rent being topped up to £277,703 per annum upon completion
Click here to view the listing on Rightmove.