Property overview

Slug & Lettuce, 274-277 High Street, Lincoln LN2 1JG


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Nov 2023

High yielding freehold public house investment, High Street, Lincoln.


Located in Lincoln’s Cultural Quarter. Close to the city’s cathedral, castle and main retail pitch. Part of a pedestrianised High Street with a concentration of pubs, clubs and restaurants including Be At One, Tap & Tonic, Pizza Express, Wildwood, Craft, The Cardinal’s Hat, Walkabout, TGI Friday and soon to open Mowgli.


Student residences close by with main university campus a 10 minute walk away. The city student population is close to 20,000.


The property is a large public house extending over ground and first floor & large rear beer garden.  Accommodation extends in total to 8,720 sq ft.


The property is let to Stonegate Pub Company Ltd on an FRI lease that expires on 21
May 2039, providing an unexpired term of over 15 years.


The current passing rent is £181,387 per annum. The rent is increased annually on
22 May and linked to RPI.  There is a 2% cap and a 4% collar increase each year.


We are instructed to seek offers in the region of £1,800,000 (One Million Eight Hundred Thousand Pounds) subject to contract and exclusive of VAT.


A purchase at this price would reflect a net initial yield of 9.5%, assuming costs of purchase of 6.24%.


Reversion in May 2024 to 9.9% (assuming the maximum 4% increase).


Reversion by May 2029 to 12.0% (assuming the 4% maximum annual growth).


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