A historic Grade II listed pub in the heart of Plumstead is up for sale, with offers being invited in excess of £770,000.
The Old Mill, located on Old Mill Road, is a cornerstone of the community, nestled in a predominantly residential area and surrounded by other notable local establishments like The Star (Stonegate) and the Rose Inn (Heineken).
The property is a two-storey detached corner building, with the ground and first floors up for sale.
The current owner has let the entire property to a private individual on a 20-year lease, which expires in July 2034.
This lease arrangement brings in a current rent of £42,500 per annum, subject to five yearly open market rent reviews.
The ground floor offers a customer trading area with a central bar, seating for approximately 42 patrons, and ancillary areas including customer WCs, trade kitchen, and storage.
The upstairs comprises staff accommodation, featuring a lounge, kitchen, office, three bedrooms, a bathroom, and storage.
Outside, the pub boasts a trade terrace to the rear, partially covered and with seating for around 66 customers.
There is also an additional function room accessed via the rear trade terrace, capable of accommodating approximately 48 guests.
The listing states: "The property is held freehold (Title Number LN13214).
"Money Laundering Regulations require Savills to conduct checks upon all prospective purchasers.
"Prospective purchasers will need to provide proof of identity and residence."
As a Grade II listed property, The Old Mill is part of Plumstead Common Conservation Area.
This means any potential buyers will need to consider the specific requirements and responsibilities that come with owning a listed building.
The property is currently let to a private individual, with the fixtures and fittings owned by the occupational tenant.
It is expected that the property will be sold as a Transfer Of a Going Concern (TOGC), which should exempt the transaction from VAT, provided the purchasing entity is VAT registered.
Savills, the sole selling agents, have emphasised that all viewings need to be made by prior appointment, and any direct approach to the occupational tenant's staff should be avoided.
They also note that money laundering regulations require them to conduct checks on all prospective purchasers, who will need to provide proof of identity and residence.
This sale represents a unique opportunity for investors interested in historic properties and the hospitality sector.
The Old Mill's rich history and prime location in the heart of a thriving residential area make it a promising prospect.
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