Pub in Peterhead

59-61 Marischal Street, Peterhead, AB42 1PR
  • Lot No: 13
  • Property Type: Pub
  • Contract Type: Unconditional Sale
Shepherd Commercial Auctions

Guide Price* plus fees

Property Description

FOR SALE BY AUCTION ON 9TH DECEMBER 2020 A ground floor public house surmounted by a pitched roof with access from the rear at Maiden Street. The subjects are in the final stages of an extensive refurbished including new frontage, interior fit-out, new kitchen and open plan seating. The property is let to Brewdog Retail Ltd expiring 2038 (no breaks) producing an income of £15,000 increasing to £17,500 per annum. Approximate Net Internal Area of 106.37 sq m. (1,145 sq. ft).

Accommodation:

The property is presented to Brewdog’s corporate specification including traditional rustic timber flooring, polished aluminium bar, exposed brick and steel works. A new frontage has been installed comprising large display window or aluminium frame double glazed with entrance via twin aluminium framed glazed doors.


Outside:

A common rear service yard/ car park for up to 17 cars with access from the rear also via Maiden Street.


Location:

Situated on the South side of Marischal Street, West of its junction with Erroll Street and Love Lane within Peterhead town centre. The street is the prime retail and leisure destination with Marischal Street itself being pedestrianised. Neighbouring retailers include W.H. Smith, New Look and Argos with a new 5 screen cinema also being immediately adjacent the premises further enhancing the area as a leisure destination.


Investment Details:

The property is let by way of new full repairing and insuring lease on the following terms; Tenant – Brewdog Retail Ltd Expiry – December 2038 Tenant Break - None Passing Rent – £15,000 p.a.x Rent Review – A rent review will take place in 5th year with fixed increase to £17,500 p.a.x Tenant Information: Brewdog is an international Brewery & Pub chain founded in Ellon, Scotland in 2007, the private equity firm, TSG Consumer Partners acquired a 22% share of Brewdog for £213m valuing the business in excess of £1bn. Brewdog operates 50 bars in the U.K with a further 24 internationally with that number steadily growing. Brewdog Retail Ltd was incorporated in November 2010 for the principal activity of operating bars. During 2019 alone a further 8 sites were opened.


Note:

The buyers fee on this lot is £1,074 inc VAT.


Rights of Way, Wayleaves, Easements, Restrictive Covenants Etc.

The site is sold subject to or with the benefit of any Rights of Way, Wayleaves, Easements, Restrictive Covenants, which may exist whether mentioned in these particulars or not. For further information in relation to these matters please refer to the legal pack.


Tenure

See Legal Pack


Auction Method: This auction is for property located in Scotland; therefore, any sale will be governed by applicable Scottish law. The auction for this property will take place as an “Auction Event” behind closed doors with a live auctioneer and will be streamed online in real-time. The property will be sold alongside several other lots. Bids must be placed remotely- please see “Registration Process” below. The auction can be watched in real-time on the auction date at: https://www.sdlauctions.co.uk/ The auction date applicable for the property is displayed on this page. It is not possible to provide a precise timeslot when this property will be auctioned on the day, because there are other lots being sold. You are required to undertake identity checks before you can be authorised to bid. You must also provide your payment details. If you do not provide this information, your registration will not be processed. When you place your bid, you are deemed to have agreed to the Shepherd Buyer Terms (Scotland). Auction Type - Unconditional Sale If you are the highest bidder, you must exchange legally binding contracts for the sale when the auction for the property comes to an end. You must then pay the applicable fees and deposit. You must complete the sale within 20 business days unless the Special Conditions of Sale contained within the legal pack state otherwise. Auction Fees The following non-refundable fees apply:
  • Buyer’s Fee- payable on exchange of contracts. This is listed within the property details.
The Buyer’s Fee does not contribute to the purchase price. There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the legal pack. You must read the Special Conditions carefully before bidding. Any additional fees are included at the seller’s discretion and will be in addition to any standard fees payable to us. We have limited control over the content of the Special Conditions of Sale. Deposit On exchange of contracts, you must pay a non-refundable deposit equal to 10% of the actual purchase price of the property, subject to a minimum of £5,000. The deposit contributes towards the purchase price. Payment Method: Applicable fees must be paid immediately after a winning bid has been placed. We do not accept payment by cash or cheque. Prior to the auction, we will email you to register your card details with our third-party provider, Stripe. Your card details will be stored on their secure online payment platform. Payment will only be taken from you in the event of a winning bid. In this case, you will be contacted by one of our representatives to make payment. If we cannot make contact with you within 24 hours after the auction ends, we reserve the right to charge your card. Legal Pack Before bidding, you must view the legal pack for the property. This is the collection of legal documents that apply to the sale. The documents will include but are not limited to: Special Conditions of Sale, title documents from the Land Registry and Energy Performance Certificate. The Legal Pack can be viewed on this page, where there is a sub-heading “Legal Pack”. Follow this link, and you will then be directed to create an account with Auction Passport to view the documents. The legal pack can change at any time up until the auction starts so you must check for the most recent version of the legal pack. An addendum may be issued outlining any late changes. At the point of placing your bid, you are deemed to have read the legal pack in its entirety, including any changes. Failure to check for changes to the legal pack will not be a valid reason for withdrawing from the sale. It is strongly recommended that you instruct a qualified professional to review the legal pack and raise any necessary enquiries before bidding. Articles of Roup The Articles of Roup are the general terms of sale for properties sold at auction in Scotland that will govern this transaction. They are available to view here. The Auction Conditions listed on our website do not apply to properties sold under any of our Scottish sale methods. Special Conditions of Sale The property is sold subject to any Special Conditions of Sale. These are contractual conditions that are included by the seller of the property - they are not part of the standard Shepherd Buyers Terms (Scotland). The Special Conditions of Sale are legally binding. You are taken to have read and accepted these at the point of bidding, even if you have not done so. The Special Conditions of Sale are available to read in the legal pack. Registration Process: To register to bid on the property, you must submit your remote bid here: https://www.sdlauctions.co.uk/remote-telephone-proxy-bidding/. There is also a link to register against the property details, where you will also find the lot number for the property. Prospective bidders must register no later than 12pm the day before the auction date. If you register after the cut-off, it cannot be guaranteed that your registration will be processed. Guide Price & Reserve Price Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.

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