8269L

• Superbly located in the heart of this bustling village with coves and beaches within walking distance.
• Delightful Restaurant (circa 40) with carpeted flooring, exposed stone and excellent furnishings.
• Spacious light and airy Lounge Bar (circa 50) with sea views and doors to the trade gardens.
• Lovely Front Patio & Rear Gardens with seating for approx. 80 and easy access to the trading areas.
• 4 Lucrative En-Suite Letting Bedrooms.
• Two Self Contained Owners Apartments.
• Advised turnover for y/e 03/19 is £642,051 (inc vat) with a trade split of 40% wet, 45% dry & 15% accom.
• Freehold or Lucrative ‘Free of Tie’ Lease with an Option to Purchase.

Location

This thriving Freehold/’Free of Tie’ Village Inn & Restaurant with Letting Bedrooms is located in the heart of Mullion, Cornwall.

Mullion is the largest village on the Lizard and has a bustling community throughout the year, increasing considerably in the summer months.

In the centre of the village is the 13th Century Church and is surrounded by a range of shops, cafes and art galleries.

The dramatic Mullion Cove is owned by the National Trust and has a pretty working harbour and the nearby Poldhu Cove is a lovely family friendly beach that is one of the most popular on the Lizard Peninsula.

The village is home to both a Primary and Secondary School.

THE PROPERTY

This lovely Freehold/’Free of Tie’ Village Inn & Restaurant with Letting Bedrooms is built of stone construction, under a tiled roof, occupying an excellent prominent position in the heart of this desirable coastal village.

The Lounge Bar/Dining Area (circa 50) is a delightful light and airy room that offers sea views and direct access to the trade gardens. This area benefits from solid wood flooring, inviting bar servery, wood panelling and quality furnishings.

The Restaurant (circa 40) offers carpeted flooring, exposed stone walls, wood panelling and a good range of furnishings.

Ladies and Gents W.C.’s.

There is an excellent equipped Commercial Catering Kitchen with stainless steel appliances and work surfaces (appliances not tested).

There is a Ground Floor Cellar with python and cooler systems.

OWNERS ACCOMMODATION

The Owner’s Accommodation is split into two sections - on the 2nd floor is a 1 Bedroom Apartment containing a Double Bedroom, Lounge, Kitchen and Shower Room.

There is also a further 1 Bedroom Apartment with its own entrance and consists of a Double Bedroom, Lounge, Kitchen and Bathroom.

LETTING ACCOMMODATION

Located on the 1st Floor and with its own entrance are 4 En-Suite Letting Bedrooms with 3 Double/Twin’s and 1 Triple Room. Two of the rooms benefit from lovely sea views and all are presented to a high standard.

EXTERNAL

To the rear of the property is a lovely enclosed wooden decked Terrace Area (with sea views) leading down to a lovely Lawned Garden and offers seating for approx. 60 in total.

To the front is a Patio Area with seating for 20 customers.

TRADING HOURS

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:

Sun – Thursday 11am – 11pm

Fri – Sat 11am - Midnight

Current opening hours are:

Mon – Fri 11am – 11pm

Saturday 11am – Midnight

Sunday Midday – 10.30pm

NB. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the APLH Qualification in readiness for their intended operation of the Public House.

GENERAL REMARKS

The business is offered for sale as a freehold (although we have not had sight of the title deeds) or as a new highly favourable 10-year Private FRI Lease Agreement as follows:

1. The asking premium will be £49,950.

2. The initial rent will be £50,000.

3. The annual rent is simply RPI linked to inflation every 3 years, hence no market rent reviews.

4. Rent payable monthly in advance.

5. Deposit equivalent of 3 month’s rent.

6. Lease assignable after initial 2-year period.

7. Free of all brewery and supply ties.

8. Each party responsible for own legal fees relating to the transaction.

9. We are advised that our vendor client would be agreeable to insert an ‘Option to Purchase’ clause within the lease agreement, to enable the lessee to subsequently purchase the freehold element at a price to be mutually agreed.

We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium – subject to the provision of the Landlord & Tenant Act 1954. We are advised that the inn benefits from LPG and all other mains services and is heated by oil central heating. (no services seen or tested). Business rates are advised as currently being £12,000 payable.

THE BUSINESS

The current owners have owned the business for 14 years and have continually improved the business and building and is being offered in excellent condition throughout.

Our vendors have built up a very strong trading foundation and this is a well-known business in the area and although it is extremely busy in the summer months, it has a strong trade all year round.

We are advised turnover for y/e 03/19 is £642,051 (inc vat) with a trade split of 40% wet, 45% dry & 15% accom.

Accounting information will be made available to interested parties after viewing.

Viewing appointments must be made by contacting Guy Simmonds at sales@guysimmonds.co.uk.

Details Prepared: June 2019