8445L

• Main road location on the A52 leading out of Nottingham City centre in an area having recently undergone major development. Sitting close to The Park and The Ropewalk, Nottingham Castle, and the Old Market Square.
• Trading areas are sunk deep into sandstone caves and include a Victorian Bar with Antique Back Bar, Function Room/Terrace and Large Cave Bar/Kellar.
• L-shaped Front Bar (circa 50+) with exposed stone, dark wood panelled walls, attractive quarry tiled floor and hanging chandeliers.
• The Cave Restaurant (circa 66 covers) with exposed stone, quarry tiled floor and raised stage area.
• Fully equipped commercial catering kitchen.
• No owner’s accommodation – This business is a lock up.
• Advised previous annual turnover c£709,014 (incl.VAT) for 49 weeks only to 31st March 2020 achieved on sales split of - 60% Wet and 40% Food sales.
• Currently Closed.
• Offered as a highly desirable and brand new ‘Totally Free of Tie’ Privately owned renewable lease.

Location

This business is located on the A52, one of the main roads leading out of Nottingham City Centre sat in a highly sought-after area that has recently undergone major development. Backing onto the highly affluent Ropewalk and Park areas of the city this property is only a short stroll from the famous Old Market Square and the historic Nottingham Castle. 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, tourists and University students all year round. It sits off the M1 motorway and can be approached from junctions 24, 25 or 26.

THE PROPERTY

This property dates back to the 1860’s and in times gone by has been used as a brewery and also an air raid shelter. With areas of brick construction and with a pitched slate roof to the rear it is not apparent from the outside or even the front bar that the property is sunk deep into sandstone caves. These fork into two vaulted caverns with both Georgian and Victorian features. A small entrance porch to the front provides access to the trading areas. These are incredibly cosy and are bursting with character and rustic charm complimented with an eclectic décor. The trading areas consist of:

Bar area (circa 50+ plus standing) is a delightful L-shaped area with a warm and welcoming atmosphere. Loose tables and assorted chairs are complimented by upholstered perimeter bench seating and high poseur tables and stools. Hanging chandeliers look down on walls decorated in plush dark woods, exposed sandstone and an attractive quarry tiled floor. Twinkling fairy lights, a selection of board games and historic décor add to the charm and ambience of this area. To one end is a wooden return bar server offering 4 cask ale hand pulls and a lonely old piano sits to the side waiting to be played. Leads through to:

The Cave Restaurant (circa 66+ covers) is a romantic and majestic area sunk deep back into the sandstone cave with loose tables and chairs sitting on a quarry tiled floor. Twinkling fairy lights, candles and a huge attractive iron chandelier is set inside a sandstone chimney shaft hole with a glimmer of daylight above. To one end is a raised stone area that can be used for live entertainment or similar while to the other end is a long wooden food server, chill display cabinet, wine rack and dumb waiter leading down from the kitchen.

To the upper level there is a fully equipped commercial Catering Kitchen with stainless steel appliances and surfaces (equipment not tested). A wash up, prep and storage area are close by and there is also a walk-in fridge and dumb waiter to serve the dining area below. Partial below ground floor Beer Cellar with 12 rack tilt system, python system, remote and storage area.

Ground floor Unisex WC’s / Upper floor Ladies and Gents WC’s.

OWNERS ACCOMMODATION

There is no owner’s accommodation. This business is a lock up.

EXTERNAL

The pavement area to the front of the property in our opinion could lend itself to a pavement licence for creation of an al fresco area (STPP). On street parking is available to the front and rear.

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 8am to 2am

Current reduced opening hours are:

This 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 highly favourable 10-year Private FRI Lease Agreement. 1. The asking premium will be £60,000.

2. The initial annual rent will be £55,000 with agreed concessions.

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

4. Rent payable quarterly in advance.

5. Deposit equivalent of 3 month’s 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 available mains services are connected (no services tested). Business rates payable are advised as being £TBC per annum (currently under appeal).

THE BUSINESS

The current owner purchased the freehold property in 2007 and after investing substantially created a thriving, profitable and highly desirable business offering a fantastic selection of real ales and ciders, fine wines, a selection of whiskeys and home cooked food to include a highly popular Sunday lunch. These were served to a loyal repeat and desirable clientele. There are no staff at this business and it is offered with full vacant possession. The business has not re-opened since the pandemic and last traded in March 2020. Sitting at the heart of the local community and in an area that has recently undergone major development this CAMRA award winning business has previously offered live entertainment (that proved to be extremely popular) and was occasionally hired out for private parties and weddings. We are advised that previous accounts declare a turnover of c£709,014 (incl. vat) for 49 weeks only to 31st March 2020 (early Covid-19 closure). This was achieved on 60% Wet sales and 40% Food sales. For the 5 years between 2016 and 2020 advised turnover for this business averaged in excess of £750,000 (inc VAT) annual turnover producing exceptional reconstituted net profits.

New owners could operate the business using the same successful formula or they may wish to take the business to a higher level. In our opinion this could be achieved by taking advantage of longer opening hours, and the introduction of a new food offer/live entertainment.

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

The property 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 via Guy Simmonds on 01332 865112 or by contacting Richard Fletcher on 07865 348375 or by emailing sales@guysimmonds.co.uk

Details Prepared: March 2023