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REFURBISHED & THRIVING ‘FREE OF TIE’ LEASEHOLD OR FREEHOLD WET LED INN WITH LETTING BEDROOMS FOR SALE LOCATED WITHIN THE POPULAR UNIVERSITY MARKET TOWN OF LAMPETER, CEREDIGION

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  • Excellent town centre location on the main street of this popular market town.
  • Inviting Lounge Bar (circa 50) with carpeted and tiled floors, bar servery and feature fireplace.
  • Public Bar (circa 50) offering pool tables, darts, t.v and direct access to the Patio Garden.
  • 4 Lucrative & Newly Created En-Suite Letting Bedrooms.
  • Side & Rear Patio Terrace Area with seating for approx. 50 customers.
  • 3 Bedroom Apartment & 1 Bedroom Flat.
  • Commercial Catering Kitchen.
  • We are advised turnover for y/e 03/19 is £305,354 (inc vat) with a trade split of 95% wet & 5% food……trade is up by 25% this year.
  • Freehold or Lucrative ‘Free of Tie’ Lease with an Option to Purchase if required.v
SUPERBLY REFURBISHED AND PROFITABLE FREE OF TIE INN WITH LETTING ROOMS


ASKING PRICE £430,000 FREEHOLD or £45,000 LEASEHOLD TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

This completely refurbished Freehold/’Free of Tie’ Leasehold Town Centre Inn with 4 Letting Bedrooms and a Spacious Living Accommodation is set in the heart of Lampeter, Ceredigion. Lampeter is a busy University Market Town within the lovely county of Ceredigion. The town offers a wonderful range of independent shops along with a regular Farmers Market. Lampeter is also home to one of the oldest University campus’ in the UK along with annual events such as the Lampeter Food Festival and the prestigious Rhys Thomas James Eisteddfod. The town also benefits from a Leisure Centre, Swimming Pool, Museum, Range of Sports Clubs and excellent schooling.

THE PROPERTY

This lovely fully refurbished Freehold/’Free of Tie’ Inn with Letting Bedrooms is built of stone construction, under a tiled roof, occupying an excellent prominent position in the heart of Lampeter.

The Lounge Bar (circa 50) is located to the front of the building and is a welcoming room offering a mix of carpeted and tiled flooring, large central bar servery area, feature fireplace and plasma t.v.

The Public Bar (circa 50) is at the rear and benefits from two pool tables, darts throw, carpeted flooring and direct access to the Patio Terrace Areas.

All areas have been fully refurbished to an excellent standard.

Ladies and Gents W.C.’s.

There is an 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

Located to the rear of the property on the 1st Floor with its own separate entrance is a 3 Bedroom Apartment offering Three Double Bedrooms, Lounge, Kitchen and Bathroom.

Situated on the 2nd Floor is a 1 Bed Flat benefitting from a Double Bedroom, Lounge, Kitchen and Bathroom.

LETTING ACCOMMODATION

Located on the First Floor are 4 Newly Created and Lucrative Letting Bedrooms that are all presented to a good standard. There are 2 Family En-Suite Bedrooms, 1 Double En-Suite and a Single En-Suite.

EXTERNAL

To the rear of the property is an Enclosed Beer Garden with seating for approximately 40 customers.

To the side is a Patio Terrace Area with Smoking Shelter and seating for 16.

To the rear of the building are 3 Private Parking Spaces.

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 – Wed 11.00 – 1.30am

Thurs – Sat 11.00 – 2.30am

Sun Midday – 1.30am

Current opening hours are:

Mon – Wed 11.00 – 1.30am

Thurs – Sat 11.00 – 2.30am

Sun Midday – 1.30am

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 £45,000.

2. The initial rent will be £38,000.

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 all mains services and is heated by gas central heating. (no services seen or tested). Business rates are advised as currently being free of charge.

THE BUSINESS

The current owner purchased the business in 2016 and immediately set out to fully refurbish the property. Once completed the business has gone from strength to strength and continues to grow with further potential on offer. Our vendor is open to either selling the freehold or offering a ‘free of tie’ lease with an ‘Option to Purchase’ as they have other projects in the pipeline.

We are advised turnover for y/e 03/19 is £305,354 (inc vat) on a trade split of 95% wet and 5% dry with huge potential on both the catering and letting.

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

Details Prepared: July 2019

ADDITIONAL IMAGES

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