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AN IMPOSING TRADITIONAL INN AND RESTAURANT ENJOYING A PROMINENT HIGH STREET POSITION BEING OFFERED EITHER FREEHOLD OR ‘FREE OF TIE’ LEASE IN THE HIGHLY POPULAR NORTH YORKSHIRE MARKET TOWN OF NORTHALLERTON

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  • Prominent high street position in heart of the market town of Northallerton.
  • Well presented Lounge Bar (circa 42), attractively furnished with tiled flooring and central bar server.
  • Dining Room (circa 30) with functional diner style seating.
  • Spacious 2 bedroom living accommodation.
  • Spacious fully equipped commercial kitchen.
  • Advised turnover for y/e 08/18 circa £300,000 (incl. VAT) with trade split of 70% wet and 30% food.
  • Significant potential to develop a flourishing business in high foot fall location.
  • Rent reduction offered in first 2 years of lease.
  • Desirable ‘Free of Tie’ lease or Freehold.
AN EXCELLENT OPPORTUNITY TO ACQUIRE A WELL POSITIONED NEW FREE OF TIE LEASE OR FREEHOLD BUSINESS OFFERING SIGNIFICANT POTENTIAL


ASKING PRICE £449,500 FREEHOLD OR £40,000 ‘FREE OF TIE’ LEASE TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

Northallerton is a Market Town and civil parish in the Hambleton District of North Yorkshire. It lies in the Vale of Mowbray at the northern end of the Vale of York and is within easy reach of the popular tourist destination of the North Yorkshire Moors.

The towns of Middlesbrough, Darlington, Thirsk and Ripon are within easy reach as is the Historic City of York and the wonderful North East coastline.

The town has a population of 16,830 (2011 census) and lies on The East Coast Main Line which gives direct rail access to Scotland, Newcastle and London.

Durham Tees Valley airport is approximately 15 mils north of the town.

Northallerton is a major retail centre for the local area and Tesco, Sainsbury’s, Asda and Marks and Spencer have a presence in the town centre.

As administrative centre for the Hambleton district and the County of North Yorkshire the councils, and several other associated public sector organisations have their headquarters in the area.

The town is currently enjoying inward investment in the form of new housing developments and an exciting new £17m development in the town centre on the site of the old prison which will feature retail, residential, leisure and office space as well as a large public square.

THE PROPERTY

This traditional inn is of brick construction, under a pitched, tiled roof, occupying an excellent high street location.

The trading area is well presented in a contemporary style, with tiled flooring throughout and comprises:

The Lounge (circa 42) benefits from an attractive mix of upholstered benches, chairs and free-standing tables. The trading areas are served by a well-positioned bar.

The Dining Room (circa 30) is adjoined to the Lounge offers functional diner style bench and table seating.

Ladies and Gents W. C’s

There is a well-equipped commercial catering kitchen with stainless steel appliances (not tested) and work surfaces along with a wash up area.

The Below Ground Floor Beer Cellar has coolers and a python system.

There is a large separate brick built secure storage unit.

OWNERS ACCOMMODATION

The owner’s accommodation is situated on the 1st and second floors and briefly comprises: 2 double bedrooms, lounge and bathroom.

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:

Mon- Sat 9am to Midnight

Sunday Noon to Midnight

Current opening hours are:

Mon- Sun 11.30am to 11.00 pm

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 property and business is being offered for sale 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 £40,000.

2. The initial annual rent will be £30,000 increasing to £35,000 in year 2 and £40,000 in year .

3. From year 3 the annual rental is simply RPI linked to inflation every 3 years, hence no rent reviews.

4. Rent payable quarterly in advance.

5. Lease re-assignable after initial 2-year period.

6. Free of all brewery and supply ties.

7. Each party responsible for own legal costs relating to the transaction.

8. 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 all mains services and uses gas central heating (services not tested).

Business rates are advised as being £12,000 per annum.

THE BUSINESS

The current freehold owners purchased the business in the early 1990s and ran successfully for many years as a family concern and are offering the property in good condition along with significant potential.

The business is currently being run by tenants on a flexible basis. This offers an excellent opportunity for either a freeholder or leaseholder with catering orientation to build the business from is current foundation to maximise the opportunities that undoubtedly exist due to the prominent position the business enjoys on the bustling high street of Northallerton.

We are advised that declared turnover for y/e August 2018 was approx. £300,000 (inc vat) with a trade split of 70% wet and 30% food.

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

This business was viewed by Lee Davy who would be delighted to discuss further details and can be contacted on 07496 849424.

Viewing appointments must be made by contacting Guy Simmonds on 01332 865112.

Details Prepared: September 2019.

ADDITIONAL IMAGES

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