8349L
EXCELLENT FREEHOLD OR ‘FREE OF TIE’ LEASEHOLD INN CENTRALLY LOCATED WITHIN THE HISTORIC PORT TOWN OF BIDEFORD, DEVON WITH EXCELLENT LIVING ACCOMMODATION
- Edge of town location, 5 mins walk to the waterfront or town centre with considerable footfall.
- Public Bar (circa 30) with bar servery, tiled flooring and beamed ceilings.
- Dining Area (circa 24) offering wood flooring, log burning fireplace and beamed ceilings.
- Courtyard Terrace Area (circa 30)
- Commercial Catering Kitchen.
- Very nice 4 Bed Living Accommodation.
- Good Beer Guide Entry.
- We are advised turnover for y/e 04/19 is circa £219,202 (inc vat) with a trade split of 75% wet and 25% dry and a recon net profit of £58,683.
- Freehold or Lucrative ‘Free of Tie’ Lease with an option to purchase.
Location
This traditional and nicely presented Freehold or ‘Free of Tie’ Leasehold Inn is located on Chingswell St, Bideford, Devon.
Bideford is a historic port town on the estuary of the River Torridge in North Devon.
Bideford is ideally situated to enjoy the west coast of Devon being just south of Barnstaple and Westward Ho along with being a short drive from Clovelly and the Cornish border.
The town is served by the A39 Atlantic Highway road as well as the South West Coast Path that passes through the town.
A ferry operates from Bideford Quay to Lundy Island.
The popular beach resort of Westward Ho is walkable.
THE PROPERTY
This Freehold/’Free of Tie’ Inn is built of stone construction, under a tiled roof, occupying an excellent prominent position in the heart of this desirable town.
The Public Bar (circa 30) is a traditional bar area offering a pleasant bar servery area, tiled flooring, beamed ceilings and traditional furnishings.
The Dining Area (circa 24) is an intimate area benefitting from a log burning fireplace, wood flooring and beamed ceilings.
Ladies and Gents W.C.’s.
There is a Commercial Catering Kitchen with stainless steel appliances and work surfaces (appliances not tested).
There is a Ground Floor Cellar with python and cooler systems. There is a Ground Floor Bottle & Dry Store.
OWNERS ACCOMMODATION
Located on the 1st Floor and briefly comprises of: Four Double Bedrooms (1 En-Suite), Fitted Kitchen, Lounge and Bathroom with Shower all in excellent condition.
EXTERNAL
To the rear of the property is a Lovely Enclosed Courtyard Terrace Area offering seating for approx. 30 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:
7 days per week 10am – 11pm
Current opening hours are:
Mon – Sat 11am – 11pm
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 £29,950.
2. The initial rent will be £24,000.
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. (services not seen or tested). Business rates are advised as currently being free of charge.
THE BUSINESS
The current owners purchased the property in 2013 and are offering the property to market in excellent condition.
Our vendors are looking to retire and are extremely flexible in regards to the options offered and are happy to lease or sell the freehold outright. This is a good opportunity for hands on owner operators to benefit from this profitable business.
We are advised turnover for y/e 04/19 is £219,202 (inc vat) with a trade split of 75% wet and 25% dry.
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: Jan 2020
ADDITIONAL IMAGES
