Licensed property specialists, Sidney Phillips has completed on the sale of Gullen’s Bar, in the South Coast seaside town of Saltdean, close to Brighton to experienced operators.
Gullen’s Bar occupies the ground floor lock-up unit of a larger 3 storey mid-terrace property centrally located along a busy local shopping parade. The business has been under the same ownership for the past 38 years, as is well-known locally as a venue for the local community, and has built up a strong reputation locally amongst the loyal clientele.
The premises benefits from two residential flats above, which have both been sold on 125 year leases, and as a result produce a ground rent income.
Robert Cockayne, Regional Valuations Manager for the London & South East handled the sale and comments, “The sale of Gullen’s Bar demonstrates the desire for licensed property along the South Coast. The previous owner built a popular business with a dedicated local following and I have no doubt that the new owners will continue to grow the business for many years to come.”
Sidney Phillips sold Gullen’s Bar off a freehold asking price of £175,000.