8436L

• Set in the delightful and historic castle quarter of Nottingham directly opposite the newly built Nottingham University Law Department building only a stone’s throw away from the famous castle, a short stroll from the Old Market Square & surrounded by commercial, office & residential buildings.
• Circular and highly attractive Grade II Listed building with an open plan trading area (100+ covers plus standing) having snug areas, booth seating, chic furnishings and an eye-catching cherub hand painted ceiling.
• Slabbed spacious Al Fresco terrace (circa 80+ covers) to the rear : Block paved Al Fresco patio area to the front (circa 20+ covers).
• Fully equipped commercial catering kitchen with stainless steel appliances, walk in chiller and dumb waiter to service the trading areas.
• The business is currently closed and not trading but is provided with vacant possession and ready to trade ; Advised historic turnover up to circa £500,000 (incl.VAT).
• When open and trading sales split was approximately 60% Wet sales ; 40% Food sales.
• Offered as a highly desirable and brand new ‘Totally Free of Tie’ Privately owned renewable lease with an attractive rent.

Location

This property is located in the immensely popular Castle Quarter of the famous historic city of Nottingham. The whole area is steeped in heritage and is surrounded by offices, residential buildings and several other fine restaurants and licensed properties. It also backs on to an affluent well-regarded area known as The Park. The castle quarter has been totally re-developed and is fast becoming a sought-after location for businesses, solicitors, commercial office space, residents and students. The new Nottingham University Law Department building has recently been built next door and accommodates up to circa 100 staff and circa 500 students. The property sits only a stone’s throw from the historic Nottingham Castle that has recently undergone a £29.4 million redevelopment investment and is also only a short stroll away from the famous Old market square. Nottingham is known as one of the best nights out in the UK with a thriving mass of entertainment venues and attracts theatre goers, sports enthusiasts, and tourists all year round. Nottingham sits on the M1 motorway and can be approached from junctions 24, 25 or 26. The A52 & A46 are within easy reach providing easy access to Leicester and Derby.

THE PROPERTY

This unique circular property is of brick-built construction and the premises comprise of the ground and first floors of a landmark Grade II listed building. This building was originally the Jubilee wing of the former general hospital that originally opened in 1902 to celebrate Queen Victoria’s jubilee. The property is furnished with quality chic fixtures and fittings and is presented to a high standard.

A welcoming staircase entrance to the front (with separate disabled access) and an entrance to the rear of the property provide direct access to the 1st floor trading area. This consists of:

Open Plan Trading Area (circa 100+ covers plus standing) is a fabulous and vibrant well-presented area with a warm and welcoming atmosphere. An assortment of loose tables, chairs, armchairs, and settees are all complimented by several snug areas and upholstered booth style seating set elevated around the circular perimeter wall. There is a highly attractive hand painted ‘cherub’ ceiling throughout the trading area that looks down on areas of exposed brickwork and an oak and carpet floor adding to the character and ambience of the room. A well-presented long bar server of oak construction sits against an external wall with 6 cask ales on offer. A wash up and prep area lead off to the rear.

Ground floor Beer Cellar with python system, remote and pumps etc.

Staff room / Office / Storage cupboards.

There is a good sized fully equipped commercial Catering Kitchen with stainless-steel appliances and surfaces (equipment not tested). This area services the first-floor trading area by way of a dumb waiter system. There is also a separate dry goods store and walk in chiller.

Ladies, Gents and disabled WC’s.

OWNERS ACCOMMODATION

There is no owner’s accommodation for this property and it is a full lock up.

EXTERNAL

To the rear of the property is a delightful and spacious Al Fresco sun terrace (circa 80+ Covers) set beneath the surrounding highly attractive buildings that forms a large amphitheatre style courtyard area. Aluminium bistro tables and chairs are complimented with several attractive surrounding shrubbery pots. There is an elevated block paved al fresco area (circa 20 covers) with loose tables and chairs that overlooks the street to the front of the property. Also to the front of the property is one off street parking space allocated for the business/owner. Nearby pay and display and NCP car parks are plentiful.

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 10am to 2am

Sunday 11am to 2am

Current opening hours are:

The business is currently closed

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 brand new renewable highly favourable 10-year Private FRI Lease Agreement. 1. The asking premium will be £25,000.

2. The initial annual rent will be £32,000 with agreed concessions.

3. The annual rental 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 months rent.

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

7. Free of all brewery and supply ties.

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

9. 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 mains services are connected (no services tested). Business rates payable are advised as being circa £TBC per annum.

THE BUSINESS

The current owners purchased the freehold of the property in 2017 and continued to operate the business with an outstanding reputation as a popular bar & restaurant offering an electric variety of fresh quality food, traditional ales and an extensive wine list. In 2019 and due to other business commitments, they decided to lease the property out. Unfortunately, with the pandemic hitting in 2020 the business suffered and failed and a new free of tie lease is now being offered. When previously trading the business has delivered to a loyal, repeat, desirable and highly professional clientele with a thriving lunchtime trade attracted from the nearby buildings of solicitors, accountants and NHS/hospital staff. It also played host to monthly live entertainment and seasonal parties and events. We are aware that the business has previously turned over up to circa £500,000 (inc VAT) with a trade split of 60% Wet sales and 40% Food sales however very little accounting information is available.

New owners could re-launch the business along similar lines and with a successful formula or may wish to take the business up a level. In our opinion, this could be achieved by exploring the introduction of a breakfast style offer, themed food events (seafood, tasting, Tapas etc) whilst extending the opening hours of the premises.

This business would only be suitable for an owner/operator/couple who have previous experience in catering and a similar hospitality background.

Any accounting information will be made available to interested parties after viewing although only historical information is available. This business was viewed by Richard Fletcher who would be delighted to discuss further details and can be contacted on 07865 348375.

Viewing appointments must be made by contacting Richard Fletcher on 07865 348375 or Guy Simmonds on 01332-865112 by emailing sales@guysimmond.co.uk

Details Prepared September 2022