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SUBSTANTIAL AWARD-WINNING FREEHOLD TAVERN AND RESTAURANT WITH 7 HIGH OCCUPANCY EN-SUITE LETTING ROOMS BEING OFFERED EITHER FREEHOLD OR ‘FREE OF TIE’ LEASE LOCATED IN THE NORTH LINCOLNSHIRE VILLAGE OF EASTOFT

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  • Sitting on a substantial plot on the Yorkshire border directly between Goole and Scunthorpe within easy reach of Keadby power station and several motorway networks.
  • Lounge/Bar (circa 50+) with exposed wooden ceiling beams, log burners and 5 cask ales on offer.
  • Restaurant (circa 35 covers) being self-contained with hot carvery units.
  • 7 En-suite letting rooms with high levels of occupancy and forecast to continue for the next circa 10 years.
  • Delightful spacious grassed orchard al fresco area ; Smoking solution ; Patron’s car park.
  • Fully equipped commercial catering kitchen.
  • Advised turnover circa £237,520 (incl.VAT) for year ending November 2019 : Advised sales since re-opening post pandemic are in the region of £4,776 per week (incl. VAT).
  • Sales split of: 40% Wet sales ; 25% Food sales ; 35% Accommodation.
  • Genuine and personal reason for sale – Ill Health.
A RARE OPPORTUNITY TO PURCHASE THIS SUBSTANTIAL INN OFFERED ‘FREE OF TIE LEASE’ OR ‘FREEHOLD’ AVAILABLE FOR THE FIRST TIME IN OVER 22 YEARS.

ASKING PRICE £415,000 FREEHOLD OR £40,000 ‘FREE OF TIE’ LEASE TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

This property is located in the North Lincolnshire village of Eastoft that historically sat on the River Don. Positioned close to the Yorkshire border Eastoft has only an inn, a primary school and a church however the bustling market town of Crowle is only 3 miles away and all mainstream shops, facilities and amenities can be found here. Nearby points of interest include the industrial town of Scunthorpe, the market town of Goole, Blacktoft Sands RSPB bird sanctuary, Keadby Power Station and 7 Lakes country park. The local motorway networks are very good with the M62, M18, M180 and A15 all within easy reach.

THE PROPERTY

This prominent substantial property sits on circa 1/3 acre (not measured) and is of front rendered brick construction sitting beneath a pitched, pan tiled apex roof. Entrances to the front and rear provide access to all the trading areas. These consist of:

Lounge/Bar (circa 50+ plus standing) is a large L-shaped room with a warm and welcoming atmosphere. An assortment of loose tables, chairs and wooden pews are complimented by upholstered perimeter bench seating. The room is fully carpeted and exposed wooden beams to the ceiling look down on 3 log burners positioned around the room all set in exposed stone or brick-built fireplaces. The room has a return bar server of wooden construction with 5 cask ales on offer, a wall mounted HDTV, Darts throw and historical photos to the walls. Leads through to:

Restaurant (circa 35 covers) has loose tables and chairs all sitting on a fully carpeted floor and able to be laid out as desired and to suit the occasion. The room has below dado wood cladding and a good-sized hot carvery unit to one side. This room is predominantly used for breakfasts and carveries however provides the opportunity to offer meetings or small parties or to convert to 2 self-contained en-suite letting rooms (STPP). We are advised our vendor client is currently looking into this option.

There is a fully equipped commercial Catering Kitchen with stainless steel appliances and surfaces (equipment not tested), wash up, prep area and scullery lead off. Ground floor Beer Cellar with python system, remote and storage areas.

Ladies and Gents WC’s.

OWNERS ACCOMMODATION

The owner’s accommodation is situated on the 1st floor and briefly comprises of: 2 double bedrooms, Lounge/Diner, Kitchen and bathroom. This has private access and also a private yard area.

LETTING ACCOMMODATION

There are 7 high occupancy (85%+) En-suite letting rooms consisting of 3 x Twin/Double, 1 x Triple & 3 x Single. All rooms have HDTV, Tea & Coffee making facilities, Wi-Fi and private access. 4 of the rooms are in a self-contained brick-built building to the rear of the property that was constructed in 2011. The other 3 rooms are to the 1st floor of the main property created in 2015. These attract a very high level of regular trade from Keadby Power Station which we are advised has an ongoing pipeline development project for at least the next 10 years. Attracting regular repeat business and high profit margins is a big plus point for this business.

EXTERNAL

To the rear of the property is a large delightful grassed al fresco orchard garden (holds circa 80+) with plum, apple and pear trees and a few wooden picnic benches complimented by lovely established green borders. Also to the rear of the property is the patron’s car park with space for circa 30 cars and a covered pergola style heated and lit smoking solution.

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 - Sunday 10am to 1am

Current opening hours are

Mon - Sat 3.30pm to 11pm

Sunday 12noon to 8pm

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 £20,000.

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

4. Rent payable monthly or 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.

9. Deposit equivalent to 3 months' rent.

10. Satisfactory references will be required on behalf of our vendor client.

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 all available mains services are connected (no services tested) and the business operates using LPG for cooking and heating. Solar panels are owned by the proprietor. Business rates payable are advised as being NIL.

THE BUSINESS

The current owner purchased the freehold property in 1999 and over the years has created a desirable and thriving CAMRA award winning business offering a selection of cask ales and fine drinks, home cooked food & comfortable accommodation. The business has also been recognised and listed in the Real Ale Guide for the past 20+ years. Unfortunately, due to family ill health our vendor client is now reluctantly looking to sell the freehold on in order to be able to take life at a more leisurely pace. The business is currently operated by the owner assisted by 1 full time and circa 2 part time/casual members of staff. The business hosted/hosts quiz, charity and theme nights, holds an annual beer festival alongside acting as the main sponsor of the local cricket team. We are advised that accounts declare a turnover of circa £237,520 (incl. vat) to 30th November 2019. This was achieved on a trade split of 40% Wet sales ; 25% Food sales and 35% Accommodation. Since re-opening post pandemic current sales are advised as being in the region of £4,776 per week (incl VAT). The business provides many untapped opportunities that in our opinion could grow further and increase profitability. New owners could continue to operate the business using the same current formula if they wish or they may wish to take the business to the next level. In our opinion this could be achieved by taking advantage to extend the currently reduced opening hours running alongside the introduction of teams and entertainment. They may even wish to explore developing an additional 2 letting rooms in place of the restaurant to add to the high level of business already attracted.

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

This business was viewed by Richard Fletcher who would be delighted to discuss further details and can be contacted on 07865 348375.

Viewing appointments can be made by emailing Guy Simmonds at sales@guysimmonds.co.uk or by contacting Richard Fletcher on 07865 348375.

All personal viewings undertaken must adhere to the evolving Covid-19 Government guidelines.

Details prepared October 2021

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