8440L

• Sitting in the heart of the ever-expanding large Northants commuter and market town of Wellingborough directly across the road from the popular Castle Theatre and Museum. Only a short drive from Northampton and within easy reach of Rushden Lakes shopping centre, Stanwick Lakes and surrounded by many affluent villages.
• Bar area (circa 30+) with exposed wooden ceiling beams, an Inglenook fireplace with exposed brick and stone and a quarry tiled floor.
• Dining Room ( 26 covers) is a stunning room with a high open ceiling and exposed rafters, wood panelled walls, a carved exposed stone fireplace with built in log burner and a central feature chandelier all overlooked by a highly attractive ‘Minstrels Gallery’.
• Snug area (circa 34 covers) with atmospheric lighting, booth style tables, leather bench seating and exposed brick walls.
• Small patio Al Fresco area to the front of the property (circa 20+ covers).
• Partially equipped Commercial Catering Kitchen with stainless steel appliances and surfaces.
• 3-bedroom Owners’ accommodation.
• Privately leased from 2018 until September 2022.
• Now offered for sale Freehold or as a 10 year New Highly Desirable Free of Tie Lease.
• Also suitable for AU – (Subject to PP).
• This business is currently closed.

Location

This attractive Grade II listed inn is located in the heart of the large popular Northamptonshire market and commuter town of Wellingborough only a stone’s throw from the Castle Theatre and museum. Wellingborough sits on the North side of the River Nene approximately 11 miles from Northampton and is surrounded by lovely affluent and sought-after villages. The town itself is constantly expanding with housing being built all around and it is now as popular as ever with commuters as the rail line to London has now been electrified making travel even easier. The nearby road networks are excellent with the A6, A14, A45, A43, A1 and M1 all within easy reach.

THE PROPERTY

This lovely Tudor build inn dates back to 1540. The property is of stone construction with a beamed Tudor façade sitting under a pitched, tiled roof and occupying an excellent and prominent position within the town. It is the oldest building in the area and retains many of its original features including the dining room known as “The Hall” with its vaulted ceiling, exposed beams and Minstrels gallery. An entrance to the front provides access to all the trading areas. These consist of:

Bar area (circa 30+ plus standing) is a good sized room with a warm welcoming atmosphere. The room is only partially furnished however there are tables and stools that are stored away safely within the property. The room currently has poseur tables and high stools, leather upholstered perimeter bench seating and an Inglenook fireplace with exposed brick and stone. Exposed wooden beams to the ceiling look down on an attractive quarry tiled floor and a wooden bar server sits to the side. In our opinion this area lends itself to being a local’s bar with a wall mounted HDTV showing sports for example and provides a good place to have entertainment when required.

Dining Room (26 covers) is simply bursting with character and charm. Loose tables and leather upholstered dining chairs all sit on a solid oak floor beneath a vaulted ceiling with exposed rafters and a large hanging central chandelier. Wood panelled walls are complimented by an exposed carved stone fireplace with built in log burner to one end whilst to the other is a delightful and highly attractive Minstrels gallery balcony that in our opinion could be used again in a similar fashion.

Snug area (34 covers) is an atmospheric room with booth style tables and leather upholstered seating with exposed brick walls and a laminate effect karndean floor. This area has previously been used as a cocktail area however provides many untapped opportunities moving forwards.

Ladies and Gents W.C.’s / CCTV.

There is a partially but recently equipped Commercial Catering Kitchen with stainless steel appliances and preparation surfaces (appliances not tested). There is also a wash up, prep area and serving hatch directly through to the bar area. Ground floor beer cellar area (currently defunct) however it is standard practice for a brewer to install equipment in return for product purchase/sale if required.

OWNERS ACCOMMODATION

The owner’s accommodation is situated on the 1st floor and briefly comprises: 3 bedrooms (2 doubles / 1 single), Lounge, Kitchen-Diner and bathroom.

EXTERNAL

To the front of the property and sitting either side of the main entrance are 2 slabbed al fresco patio areas (circa 20+ covers) suitable for tables and chairs or picnic benches creating an excellent space to sit and watch the world go by. There is no car park for this business however there is a free of charge multi story car park to the rear and plentiful parking is also free throughout the town.

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- Sun 9am to12.30am (TBC)

Current opening hours are only:

This business is currently closed (Since September 2022)

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:

The asking premium will be £20,000.

The initial annual rent will be £30,000 (with initial concessions to be agreed).

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

Rent payable monthly in advance.

Deposit equivalent of 3 month’s rent.

Lease assignable after initial 2-year period.

Free of all brewery and supply ties.

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

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

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 and timescale to be mutually agreed, with Guy Simmonds again acting as the agent for 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 the inn benefits from all mains services (services not tested). Business rates payable are advised as being £NIL.

THE BUSINESS

The current owner purchased the freehold property in 2011 and after running the business until 2018 then leased it out on a ‘free of tie lease basis right up until September 2022. There are NO employed staff and vacant possession will be granted on completion of either the freehold or leasehold sale/purchase. The business is set in the heart of the local community and has previously offered regular live entertainment, home cooked food and a variety of cocktails. New owners could simply re-open the property, putting their own stamp on it from their business plan or even purchase the freehold to run themselves or as an investment opportunity to create a free of tie lease moving forwards. In our opinion this property would also be suitable for AU (STPP).

There is NO accounting information available for this business.

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 either Richard Fletcher on the above number or Guy Simmonds on 01332-865112 or by emailing sales@guysimmonds.co.uk

Details prepared November 2022