Lot 28 Five Storey Freehold Former Restaurant And Bar With Living AccommodationAuction Date:
26th July 2023
54 High Street, Old Portsmouth, PO1 2LU
This five storey freehold building is situated in sight of the Square Tower and Hotwalls and opposite the Cathedral in the heart of
Old Portsmouth.
For many years the building traded as the landmark Monk's Bar both in private ownership and then through the Gales Brewery. When Gales was acquired by Fullers who already have other pub and dining interests in the vicinity the decision was made to close Monk's Bar as to dilute the competition for existing outlets. However, it is considered that the building could once again be returned to its former use as a splendid bar and restaurant with a significant level of bar and eating space over the ground and first floors.
The upper floors are, at present, arranged as living accommodation and had previously provided a home for a previous owner and then latterly the pub/restaurant management and a chef. There is the major advantage of rear access to the building with a wrought iron staircase providing independent access to the upper floors, if required.
It is considered that the building offers huge scope and potential, as previously indicated, for a return to its former use or alternatively other commercial uses or perhaps a conversion into a significant residential dwelling may be a further option that prospective purchasers may wish to consider, subject to all necessary consents being obtainable.
Cellar
Traditional beer cellar including trapdoor from the High Street for beer deliveries.
Ground Floor
Entrance lobby, large bar and eating area and commercial kitchen in need of refitting and refurbishment.
First Floor
Continuation of the restaurant area though in a more broken layout with access from staircases to both front and rear of the building.
Second and Third Floors
A range of bedroom/reception rooms/offices. On each floor there is a kitchen and on each floor there is a bathroom with W.C.
Outside
Courtyard to rear with additional store room, rear pedestrian access and a wrought iron staircase providing additional access to the first, second and third floors.
Freehold with Vacant Possession
There is an addendum available to be read
in conjunction with the legal documentation.
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
